The week ending Nov. 28 was characterised by a mix of domestic economic triumphs and global policy shifts.
On the domestic front, the benchmark Nifty 50 index finally shattered a 14-month ceiling, hitting a fresh all-time high. Compounding the positive sentiment, the Indian economy delivered a massive surprise with Q2 GDP growth soaring to 8.2%, marking the fastest expansion in six quarters.
Globally, major headlines were dominated by geopolitical developments. President Donald Trump said he would impose a permanent halt on migration from what he called “third-world countries”. Meanwhile, in Asia, a tragic high-rise blaze in Hong Kong claimed over 100 lives.
Here is a quick rewind of the week gone-by:
Cheers To Nifty's New Record High
The benchmark Nifty 50 index hit a fresh record high during Thursday's trading session, finally topping its previous peak set nearly 14 months ago.
The index touched the 26,295.55 mark in trade, surpassing the previous all-time high of 26,277 set in September 2024. It has since marginally retreated but managed to hold the 26,000 levels.
Tariff-related woes, coupled with other geopolitical headwinds and muted corporate growth, had held back the benchmark. But momentum appears to be finally back, supported by optimism in the earnings cycle, domestic consumption push and favourable policy moves, among other things.
India's GDP Jumps In Q2, Fastest In Six Quarters
India's economy expanded by 8.2% in the July-September quarter of the current financial year, marking the fastest growth in six quarters. This was led by strong manufacturing and services output.
The GDP growth was higher than the estimate of 7.4%, as projected by the analysts tracked by Bloomberg.
The GDP print in September quarter is far higher than 5.6% during Q2 of FY25 and 7.8% in the June quarter, as per data released by the Ministry of Statistics on Friday.
Lower inflation narrowed the gap between nominal and real growth rates. The nominal GDP grew at 8.7%, as compared to 8.3% in the year-ago period.
Trump Vows To Pause Migration From Third World Nations
US President Donald Trump said he would impose a permanent halt on migration from what he called “third-world countries” and push for wide-ranging actions against immigrants he described as harmful to the United States.
Trump argued that although the nation has made significant technological progress, US immigration policy has undermined those gains and worsened living conditions for many. He vowed that, if implemented, his approach would involve a permanent pause on migration from all third- world countries.
Putin Hints At Russia-Ukraine Breakthrough
The United States' proposed plan to end the war between Russia and Ukraine might the basis of the peace deal, Russia's President Vladimir Putin said, Bloomberg reported on Thursday.
Putin, according to the news agency, said there wasn't a final draft for the peace plan in place yet yet, adding that some parts of the US proposal require discussion. Putin also acknowledged that Washington's plan to end the war take into account Moscow's concerns.
Hong Kong Blaze Death Toll Climbs to 128
Hong Kong’s deadliest fire in nearly eight decades has killed at least 128, officials announced shortly after making fresh arrests in connection with the blaze.
Secretary for Security Chris Tang said at a Friday briefing that officials couldn’t rule out finding more bodies. The status of roughly 200 residents remains uncertain, including 89 of the deceased whose identities haven’t been confirmed.
Tang also detailed how construction materials erected for renovation work at the estate contributed to the rapid spread of the fire.
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