由于贬低偏见挥之不去，卢比避开了亚洲同行的涨幅。周四，印度卢比在进口商对美元的需求和积极的地区市场情绪之间保持稳定。收盘价接近前一天的水平。

Rupee sidesteps gains in Asian peers as deprecation bias lingers.The Indian rupee remained steady on Thursday, caught between importer demand for dollars and positive regional market sentiment. It closed near its previous day's level.

印度10年期G-Sec的收益率下跌约6.5%，在央行持续买入的情况下达到两周来的最低水平。来自保险公司、养老基金和印度储备银行等类别的投资者一直在稳步购买债券，仅在周二就购买了近500亿卢比，旨在支持市场并遏制收益率的上行压力。央行已表示对债券收益率上升的担忧，尽管政策利率下调，与美国国债的差距不断扩大，但债券收益率仍在上升，央行本周和下周正在与市场参与者进行讨论，以评估市场状况。现在人们的注意力转向周五拍卖价值3200亿卢比的10年期6.48%2035年新债券，该债券将取代目前的基准，并可能指导收益率的下一步走势。在政策方面，大多数市场参与者预计印度储备银行将在12月降息，在温和的通胀前景下，市场预计未来几个月将放松约20个基点。

The yield on India’s 10-year G-Sec dropped around 6.5%, hitting its lowest level in two weeks amid continued central bank buying. Investors from a category including insurers, pension funds, and the Reserve Bank of India have been steadily buying bonds, with nearly 50 billion rupees purchased on Tuesday alone, aiming to support the market and curb upward pressure on yields. The central bank has flagged concern over elevated bond yields, which have risen despite policy rate cuts and a widening gap with US Treasuries, and is holding discussions with market participants this week and next to assess market conditions. Attention now turns to Friday’s auction of the new 10-year 6.48% 2035 bond worth 320 billion rupees, which will replace the current benchmark and could guide the next move in yields. On the policy front, most market participants expect a December rate cut by the RBI, with the market pricing in roughly 20bps of easing in the coming months amid a benign inflation outlook.

周四早盘，BSE Sensex指数几乎没有变化，在周二下跌后徘徊在83424左右，同时远离三周低点，因为科技和汽车行业的上涨抵消了银行、金融服务和制药行业的下跌。今天晚些时候，在假期后市场恢复后，交易员继续为几家公司的第二季度盈利结果做准备，而四家当地公司被纳入MSCI关键指数也提振了市场情绪。在数据方面，最终的印度服务业采购经理人指数略有上调。与此同时，由于私人工资数据强于预期，华尔街隔夜收盘上涨。在个股中，Paytm飙升3.9%，此前分析师称其第二季度核心业绩健康，尽管合并净利润大幅下降。Britannia在公布第二季度业绩强劲后上涨3.5%。与此同时，Hindalco股价下跌6.5%，此前其美国子公司Novelis将资本支出指导上调了20%。

The BSE Sensex was little changed in morning trade on Thursday, hovering around 83,424 after falling in Tuesday’s session, while moving away from a three-week low, as gains in the tech and auto sectors offset declines in banking, financial services, and pharmaceuticals. Traders continued to brace for Q2 earnings results from several companies later today, following the market’s resumption after a holiday, while sentiment was also lifted by the inclusion of four local companies in a key MSCI index. On the data front, the final India Services PMI was revised slightly higher. Meanwhile, Wall Street closed in the green overnight amid stronger-than-expected private payroll data. Among individual stocks, Paytm surged 3.9% after analysts called its Q2 core performance healthy, despite a plunge in consolidated net profit. Britannia climbed 3.5% after reporting a strong operating beat in its Q2 results. Meanwhile, Hindalco slumped 6.5% after its US arm, Novelis, raised capex guidance by 20%.

2025年10月，汇丰银行印度服务业采购经理人指数小幅上调至58.9，高于初步估计的58.8，但低于9月的最终读数60.9。尽管如此，这标志着服务业自5月以来最慢的扩张，因为在竞争加剧以及洪水和山体滑坡造成的中断的情况下，新业务以五个月来最慢的速度增长。海外销售额增长，扩张速度稳健，但为3月以来的最低水平。就业人数小幅上升，标志着一年半以来联合最疲软的步伐。在价格方面，投入成本通胀降至14个月低点，部分原因是商品及服务税（GST）税率降低。与此同时，产出成本通胀放缓至七个月来的最低水平。展望未来，商业信心降至三个月低点。

The HSBC India Services PMI was slightly revised higher to 58.9 in October 2025, up from a preliminary estimate of 58.8 but down from a final reading of 60.9 in September. Still, it marked the slowest expansion in the services sector since May, as new business rose at the weakest pace in five months amid stronger competition and disruptions caused by floods and landslides. Foreign sales increased, with the rate of expansion solid but the weakest since March. Employment edged up slightly, marking the joint softest pace in a year and a half. On the price front, input cost inflation eased to a 14-month low, partly due to a reduction in the goods and services tax (GST) rate. Meanwhile, output cost inflation slowed to the lowest level in seven months. Looking ahead, business sentiment weakened to a three-month low.