Indian markets sparkled this Diwali week, buoyed by the easing of India–US trade tensions after the two leaders said they spoke with each other.
The frenzy in precious metals like gold and silver hit a bumper as prices crashed.
And, the advertising world mourned the loss of one of its gurus.
Here’s a wrap of the main events this week:
Markets Near Previous Peak
India’s stock market got a mild boost this Diwali week, with benchmarks Nifty and Sensex ending higher for the fourth consecutive week.
The Nifty managed to reclaim the 26,000-mark after over a year and came close to its peak achieved in September 2024, as multiple tailwinds helped boost positive sentiment.
India and the US are closing in on a trade deal that could slash the current tariffs on Indian exports to 15-16% from the current 50%, as per media reports.
Indian corporates have reported healthy sales during the festive season. The cut in Goods and Services Tax (GST) is expected to provide a boost in consumer spending that accounts for over half of India’s GDP.
Moreover, Nifty valuations have cooled from their June 2025 highs to near the long-term average.
Modi-Trump Talk
US President Donald Trump on Wednesday spoke to Prime Minister Narendra Modi about trade, signalling renewed momentum in talks between the two countries.
The president claimed India will slash its Russian oil imports “down to nothing” by the end of the year. New Delhi has maintained that energy purchases would continue to prioritise consumer interests.
Gold Price Crash
Global gold prices experienced their steepest selloff since 2013 on Tuesday, tumbling by as much as 6.3% after hitting a record peak. The sudden rout brought an abrupt halt to a furious, weeks-long rally that has still left the precious metal up more than 50% this year. Silver also dropped nearly 9% to $47.89 an ounce.
Market sentiment shifted rapidly due to signs of potential progress in US-China trade talks, which lessened the need for safe-haven assets. Furthermore, a stronger dollar also weighed on the metal, which is priced in the US currency.
Bullion managed to rebound later in the week.
Piyush Pandey No More
Piyush Pandey, one of the most transformative figures of the Indian advertising industry, passed away on Friday morning at the age of 70.
The Executive Chairman and Chief Creative Officer Worldwide of Ogilvy was widely regarded as the architect of modern Indian advertising. He championed a local language, deeply emotional, and distinctly Indian voice in the industry for over four decades.
Tributes poured in for the Padma Shri recipient, from Prime Minister Modi to billionaire banker Uday Kotak.
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