国债期货日报 2025/11/24 徐晨曦（投资咨询证号：Z0001908） 投资咨询业务资格：证监许可【2011】1290 观点：关注央行政策态度 | | 2025-11-24 | 2025-11-21 | 今日涨跌 | | 2025-11-24 | 2025-11-21 | 今日变动 | | --- | --- | --- | --- | --- | --- | --- | --- | | TS2512 | 102.416 | 102.448 | -0.032 | TS合约持仓(手） | 71468 | 73816 | -2348 | | TF2512 | 105.885 | 105.855 | 0.03 | TF合约持仓(手） | 160107 | 153244 | 6863 | | T2512 | 108.47 | 108.44 | 0.03 | T合约持仓(手） | 284471 | 279585 | 4886 | | TL2512 | 115.72 | 115.59 | 0.13 | TL合约持仓(手） | 175392 | 176275 | -883 | | TS基差（CTD) | 0.0034 ...

以下是各大品牌金店详细报价： | | | 今日金店黄金价格一览(2025年11月24日) | | | | --- | --- | --- | --- | --- | | 金店报价 | 今日金价 | 单位 | 变动幅度 | 涨跌 | | 老庙黄金价格 | 1295 | 元/克 | 10 | 跌 | | 六福黄金价格 | 1293 | 元/克 | 0 | 11 | | 周大福黄金价格 | 1295 | 元/克 | 0 | 가 | | 周六福黄金价格 | 1259 | 元/克 | 7 | 跌 | | 金至尊黄金价格 | 1293 | 元/克 | 0 | ने | | 老凤祥黄金价格 | 1295 | 元/克 | 10 | 跌 | | 潮宏基黄金价格 | 1295 | 元/克 | 0 | ਸੇ | | 周生生黄金价格 | 1293 | 元/克 | 3 | 跌 | | 菜百黄金价格 | 1270 | 元/克 | 0 | म | | 上海中国黄金价格 | 1222 | 元/克 | 0 | ग | | 周大生黄金价格 | 1295 | 元/ 克 | 0 | 27 | 今日金店黄金价格持稳转跌，铂金价格稍有上涨，就拿周大生黄 ...

11月21日，美国三大股指全线收涨，道琼斯工业指数涨1.08%报46245.41点，标普500指数涨0.98%报6602.99点，纳斯达克指数涨0.88%报 22273.08点。本周，道琼斯工业指数跌1.91%，标普500指数跌1.95%，纳斯达克指数跌2.74%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | --- | | 道琼斯工业平均 | 46245.41 | 493.15 | 1.08% | 8.70% | | 纳斯达克指数 | 22273.08 | 195.03 | 0.88% | 15.34% | | 标普500 | 6602.99 | 64.23 | 0.98% | 12.26% | 欧洲三大股指收盘涨跌不一，德国DAX指数跌0.8%报23091.87点，法国CAC40指数涨0.02%报7982.65点，英国富时100指数涨0.13%报9539.71点。本周，德国DAX指 数跌3.29%，法国CAC40指数跌2.29%，英国富时100指数跌1.64%。 纽约联邦储备银行行长约翰・威廉姆斯周五在智利圣地亚哥发表演讲时，在演讲稿中指 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - This week, the main contract of Shanghai zinc (2512) closed at 22,720 yuan/ton on Friday afternoon, with a week-on-week increase of 1.63%. The center of Shanghai zinc has risen [3]. - The macro situation is mixed with both positive and negative factors, and uncertainty is increasing. The increase in domestic refined zinc production falls short of expectations, and there is still a risk of a short squeeze in LME zinc, but the downstream operating rate is declining. With macro uncertainty and a mixed fundamental situation with limited driving forces, Shanghai zinc should be treated as a volatile market [3]. 3. Summary by Directory Price Data - The spread between December and January contracts of Shanghai zinc has changed little week-on-week, and the LME zinc 0 - 3M premium has strengthened [9]. - The spot premium in Shanghai has risen, while those in Guangdong and Tianjin are under pressure [12]. Fundamental Data - **Supply**: Smelters continue to scramble for domestic zinc ore, and the processing fee for imported ore continues to deteriorate. In October, domestic refined zinc production increased by more than 17,000 tons month-on-month and about 21% year-on-year, but the increase was less than expected. In November, production is expected to decrease by 0.9% month-on-month and increase by nearly 20% year-on-year [17][19][21]. - **Demand**: This week, the downstream operating rate has declined. The operating rate of galvanizing has decreased due to environmental protection restrictions in some areas, but orders from some southern terminals have improved, and the operating rate may rebound next week. The high zinc price has suppressed the operating rate of die-casting zinc alloy, which is expected to continue to decline next week. The market demand for zinc oxide is average, and the operating rate is expected to remain low next week [3][27]. - **Inventory**: Domestic zinc ingot spot inventory has slightly decreased and is at a high level compared to the same period last year, while the inventory in Shanghai Free Trade Zone remains unchanged. LME zinc inventory has slightly decreased and is at a low level compared to the same period last year [33][36]. - **Related Industries**: From October 27th to November 2nd, the transaction areas of new and second-hand houses in 10 key cities decreased year-on-year. In November, the production plan of household air conditioners is 12.76 million units, a decrease of 23.7% compared to the actual production in the same period last year. The production plan of refrigerators is 7.78 million units, a decrease of 9.4%. The production plan of washing machines is 7.93 million units, a decrease of 0.2%. From October 1st to 31st, the retail sales of new energy passenger vehicles in the national market increased by 17% year-on-year. In November, the production plans of domestic component enterprises vary, and the overall production is expected to decline month-on-month [40][43][51].

Core Viewpoint - The European Central Bank (ECB) maintains that its current monetary policy is effective in controlling inflation without causing economic recession, with key deposit rates held steady at 2% after a series of rate cuts since June 2024 [1][2]. Monetary Policy - ECB's key deposit rate has been held at 2% for three consecutive meetings, following a total reduction of 2 percentage points from a historical high of 4% starting in June 2024 [1]. - The ECB's recent policy decisions are aligned with the eurozone's inflation rate reaching the target of 2%, supported by stronger-than-expected GDP growth in Q3 [1][4]. Economic Indicators - The eurozone's inflation rate slightly increased to 2.2% in September, primarily driven by rising service prices, but overall inflation remains manageable [4]. - The HCOB Eurozone Composite PMI rose from 51.2 in September to 52.5 in October, marking the highest level in 29 months and indicating robust economic expansion [4][5]. Employment Trends - Employment growth in the eurozone accelerated to its highest level in 16 months, driven by increased hiring in the service sector, despite ongoing layoffs in manufacturing [5]. Risks and Uncertainties - The ECB acknowledges uncertainties in the economic outlook, including global trade disputes and geopolitical tensions, which could impact future inflation forecasts [2][3].

Core Viewpoint - The manufacturing PMI for October decreased to 49.0% from 49.8%, indicating a contraction in the manufacturing sector, with various sub-indices showing declines in production, new orders, and export orders [2][19]. Group 1: Manufacturing PMI Data - The production index fell to 49.7%, down 2.2 percentage points from the previous value of 51.9% [2][19]. - The new orders index decreased to 48.8% from 49.7%, while the new export orders index dropped to 45.9% from 47.8% [2][19]. - The employment index slightly declined to 48.3% from 48.5%, and the supplier delivery time index remained stable at 50.0% [2][19]. - The raw material inventory index decreased to 47.3% from 48.5%, indicating a reduction in inventory levels [2][19]. Group 2: Export and Construction Insights - The new export orders index at 45.9% suggests potential weakness in exports, but this may be influenced by seasonal factors and fewer working days in October [5][12]. - Despite the drop in the export index, demand from developed countries remains strong, with U.S. consumer spending trends improving [5][12]. - The construction PMI for October was 49.1%, indicating a slight decline, but new orders in the construction sector showed signs of recovery with a business activity expectation index of 56.0% [6][17]. Group 3: Price and Inventory Trends - The PMI output price index fell to 47.5%, marking 17 consecutive months below the neutral line, while the main raw material purchase price index was at 52.5% [3][20]. - The procurement index decreased to 49.0%, indicating a reduction in purchasing activity, while the finished goods inventory index was at 48.1% [20]. - The construction industry showed a new orders index of 45.9%, which is an improvement compared to the previous year's 43.5% [20][21]. Group 4: Sectoral Expectations - The manufacturing activity expectation index for October was 52.8%, down from 54.1%, while the service sector expectation index remained stable at 56.1% [3][21]. - The construction sector's business activity expectation index increased, reflecting growing confidence among firms in certain industries [3][21]. - Overall, the composite PMI output index was at 50.0%, indicating stability in production activities across sectors [21].

1. Report Industry Investment Ratings - The report does not provide overall industry investment ratings. 2. Core Views - The report analyzes various commodity futures including base metals, black industries, agricultural products, and energy chemicals, providing market performance, fundamentals, and trading strategies for each category [1][3][5]. 3. Summary by Category Base Metals - **Copper**: Market traded Fed rate - cut expectation decline and Sino - US leaders' meeting利好落地. Supply may ease slightly, demand has spot discounts. Short - term dollar strength suppresses price, but upward trend remains. Suggest buying on dips [1]. - **Aluminum**: Price rose 0.26% on Friday. Supply has increased production capacity, demand's weekly开工率 decreased. Macro environment is warm, but in traditional off - season and high price limits downstream acceptance. Expected to be oscillatingly strong, focus on de - stocking [1]. - **Alumina**: Price fell 0.82% on Friday. Supply decreased due to pollution control, demand has high - load production. Market is in surplus, price may be oscillatingly weak, watch environmental restrictions [1]. - **Lithium Carbonate**: Price of LC2601 fell 3.14% on Friday. Supply decreased last week, imports declined in September. Demand for related materials increased in October, expected to de - stock. Strong reality supports price, but there's profit - taking pressure. Suggest waiting and considering double - selling [1]. - **Tin**: Market traded Fed rate - cut expectation decline and Sino - US leaders' meeting利好落地. Supply is lower than expected, demand is supported in the short - term. Inventory is at a historical low. Price is expected to be oscillatingly strong [2]. Black Industries - **Rebar**: Price of 2601 contract fell 20 yuan/ton. Supply - demand contradiction is limited, structural differentiation is significant. Macro sentiment improved last week, price may weaken marginally. Suggest taking profit on long positions [3]. - **Iron Ore**: Price of 2601 contract rose 2.5 yuan/ton. Supply - demand is neutral and deteriorating. Macro sentiment improved last week, price may weaken marginally. Suggest taking profit on long positions and short - selling for aggressive investors [3]. - **Coking Coal**: Price of 2601 contract fell 12.5 yuan/ton. Supply - demand is affected by production decline and price increase. Futures are over - valued. Suggest waiting and short - selling for aggressive investors [3]. Agricultural Products - **Soybean Meal**: CBOT soybeans continued to rise on Friday, trading on optimistic trade expectations. US soybeans may have a slight reduction, South America has an increasing production expectation. US soybeans are short - term strong, domestic market follows the cost side [4][5]. - **Corn**: Futures price oscillated narrowly, spot price varied regionally. Inventory needs building, but new grain is coming. Price is expected to be oscillatingly weak [5]. - **Oils and Fats**: Malaysian palm oil market is weak. Supply in Malaysia increased in October, exports also rose. Near - term inventory is accumulating, long - term has a production decline expectation. Oils are weak and differentiated, suggest reverse arbitrage [5]. - **Sugar**: ICE raw sugar fell 3.67% last week, Zhengzhou sugar rose 0.68%. Internationally, production is increasing, domestically, policy news boosted the price. Suggest short - selling futures and selling call options [5]. - **Cotton**: US cotton futures rebounded on Friday. International policy changes and Japanese import data are positive. Domestically, Xinjiang's cotton purchase is nearly over. Suggest waiting and using interval strategies [5]. - **Eggs**: Futures price oscillated narrowly, spot price fell slightly. Supply pressure eases, demand recovers seasonally. Price is expected to be oscillatingly strong [5]. - **Hogs**: Futures price is weak, spot price fell. Supply is increasing, demand may increase seasonally, but supply pressure is still large. Price is expected to be weak [6]. - **Apples**: Price is stable in Shandong. Storage in Gansu is not optimistic, in Shaanxi, purchase is affected by disease. High - quality apples are in high demand. Suggest waiting [6]. Energy Chemicals - **LLDPE**: Market oscillated slightly on Friday. Supply pressure eases, demand is in the off - season. Short - term price is oscillatingly weak, long - term supply will be more abundant. Suggest short - selling on highs or reverse arbitrage [7]. - **PVC**: Price of V01 fell 1.3%. High inventory suppresses price, supply increased, demand's开工率 rose slightly, exports increased. Suggest short - selling or reverse arbitrage [7]. - **PTA**: PX supply is high, PTA has some supply - side adjustments. Polyester demand is good, PX is expected to be strong, PTA has long - term supply pressure. Suggest long - PX and short - PTA processing fees [7][8]. - **Rubber**: Price of RU2601 fell 2.65%. Raw material prices are stable, downstream观望. Production capacity utilization decreased, inventory is turning to accumulation. Suggest band - trading [8]. - **Glass**: Price of FG01 fell 1.1%. Supply will increase, inventory is accumulating, demand is weak. Suggest short - selling or reverse arbitrage [8]. - **PP**: Market oscillated slightly on Friday. Supply is increasing, demand is in the off - season. Short - term price is oscillatingly weak, long - term supply will be more abundant. Suggest short - selling on highs or reverse arbitrage [8]. - **MEG**: Supply is at a high level, inventory is low. Polyester demand is good, but overall supply - demand is in accumulation. Suggest short - selling on highs [9]. - **Crude Oil**: Price oscillated downwards this week. Supply pressure is increasing, demand is seasonally weak. Price is expected to be oscillating, short - selling on highs if Russian oil reduction is less than 500,000 barrels per day [9]. - **Styrene**: Market oscillated slightly on Friday. Supply's inventory is at a normal to high level, demand is in the off - season. Short - term price is oscillatingly weak, long - term supply will be more abundant. Suggest short - selling on highs or reverse arbitrage [9]. - **Soda Ash**: Price of sa01 fell 2.1%. Supply is in high - production season, inventory is balanced. Suggest waiting [9].

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - The overall market is affected by various factors such as the Fed's attitude, domestic PMI data, and policy expectations. Different asset classes show different trends, with short - term volatility and varying degrees of risk and opportunity [2][3] - For commodities, different sectors like black metals, non - ferrous metals, energy chemicals, and agricultural products have their own supply - demand situations and price trends, which are influenced by both macro and micro factors [4][8][12][17] 3. Summary by Relevant Catalogs Macro Finance - Overseas, the dollar index is strengthening due to Powell's hawkish attitude, and global risk appetite is cooling. Domestically, the October PMI is 49.0%, down 0.8% from last month, indicating a slowdown in economic growth. Policy stimulus expectations are increasing. Index futures are expected to fluctuate in the short term, and government bonds may rebound slightly. For commodities, black, non - ferrous, and energy - chemical sectors may fluctuate, while precious metals may correct at high levels [2] Stock Index - Affected by sectors such as insurance, semiconductors, and small metals, the domestic stock market continued to decline. The weakening PMI data dampened market sentiment, but policy stimulus expectations may boost risk appetite. Short - term caution and wait - and - see are recommended [3] Precious Metals - The precious metals market rose on Friday night. The Fed's hawkish attitude and strong dollar index led to an overall shock adjustment of spot gold. In the short term, precious metals may fluctuate, but the medium - to - long - term upward trend remains. Short - term wait - and - see and medium - to - long - term buying on dips are advised [3] Black Metals - **Steel**: The spot market was flat last Friday, and the futures price declined slightly. Real demand is improving marginally, and speculative demand has also increased. However, steel mill profits are being compressed, and environmental restrictions may reduce supply. The short - term market is expected to fluctuate within a range [4][5] - **Iron Ore**: The spot price fell slightly last Friday, while the futures price strengthened. Macro expectations and reduced arrivals led to a recent rebound. But steel mill profits are low, and iron ore supply pressure is large. The price is expected to fluctuate in the short term [5] - **Silicon Manganese/Silicon Iron**: The spot price was flat last Friday, and the futures price declined slightly. The demand for ferroalloys is acceptable. The supply of silicon manganese decreased slightly, and the price of silicon iron raw materials was stable. The futures price is expected to continue to fluctuate in a range [6] - **Soda Ash**: The futures contract fluctuated last week. Supply is increasing, and there are capacity expansion plans in the fourth quarter. Demand is stable. The supply - side contradiction is the core factor suppressing the price, and a bearish view is recommended [7] - **Glass**: The futures contract fluctuated last week. Supply was stable, demand was weak, and inventory was high. Supported by policies, it may be slightly stronger in the short term, and the demand during the year - end completion peak needs attention [7] Non - Ferrous Metals and New Energy - **Copper**: The macro - environment has weakened. The Fed's attitude and China's PMI data are not optimistic. US copper inventories are high, and domestic de - stocking is not as expected. However, the suspension of an Indonesian copper mine may support the price, and it is expected to fluctuate at a high level in the short term [8] - **Aluminum**: The price reached a one - year high last Friday and then declined. The Fed's attitude and market sentiment affected the price. The fundamentals changed little, and overseas and domestic de - stocking was not as expected [8] - **Tin**: The smelting start - up rate is at a high level, and the supply is expected to increase. The demand is still weak, and the high price suppresses consumption. The price is expected to fluctuate at a high level in the short to medium term [9] - **Lithium Carbonate**: The production decreased slightly, and the price of raw materials increased. The supply and demand are both strong, and the inventory is decreasing. Due to rumors and hedging pressure, light - position wait - and - see is recommended [10] - **Industrial Silicon**: The production reached a new high. Supply pressure comes from Xinjiang, and demand is stable. The price is expected to fluctuate, and buying on dips is recommended [10][11] - **Polysilicon**: The inventory decreased significantly, and the number of warehouse receipts increased. The policy expectation and weak reality are in a stalemate. The price is expected to fluctuate in a high - level range, and buying on dips is recommended [11] Energy Chemicals - **Crude Oil**: The market is concerned about the lack of significant transfer of Asia - Pacific procurement after Russian oil sanctions. OPEC+ is increasing production, but geopolitical risks may cause a short - term rebound. The long - term price is expected to be bearish [12] - **Asphalt**: The cost support is weakening, and the price is falling. The inventory is being reduced, but the demand is approaching the off - season. The supply pressure is temporarily reduced, but the future trend depends on the rebound of crude oil [12] - **PX**: The crude oil price is fluctuating weakly. PTA's high start - up rate provides some demand support. The PXN spread has rebounded slightly, and the price is mainly driven by crude oil costs [13] - **PTA**: The downstream start - up rate has increased slightly, and the basis has improved. But the supply is still high, and the inventory accumulation pressure is large in November [13] - **Ethylene Glycol**: The port inventory has decreased, but the arrival volume is high. The inventory accumulation pressure is large in November, and the price is testing the previous low [13] - **Short Fiber**: It fluctuates with the polyester sector in the short term, but the pressure is large in the later period. Terminal orders are decreasing seasonally, and the inventory is accumulating [14][15] - **Methanol**: The market shows regional differentiation. The port inventory is decreasing slightly, while the inland inventory is increasing. The price may decline in the short term but is expected to enter a consolidation phase later [15] - **PP**: The supply growth rate is higher than the demand recovery rate, and the inventory is high. However, the demand is improving marginally, and the crude oil price provides some cost support. The price is expected to fluctuate weakly in the short term [15] - **LLDPE**: The supply pressure is increasing, and the demand is expected to weaken after the peak in early November. The crude oil price provides limited support, and the price is expected to be under pressure [16] - **Urea**: The supply is expected to increase, and the demand is weakening. The export is expected to remain at a low level [16] Agricultural Products - **US Soybeans**: The Sino - US trade window may open, and China's purchase plan may lead to an increase in export expectations. If the yield is further reduced, the cost - repair logic will be strengthened, and the price may continue to rise [17] - **Soybean and Rapeseed Meal**: The domestic soybean supply is sufficient, and the supply of soybean meal is abundant. The improvement of Sino - US trade relations may increase the cost of imported soybeans but reduce the risk of supply shortage. The spread between soybean and rapeseed meal is expected to widen [17] - **Palm Oil**: It has entered a technically oversold stage. Although there was over - production in October, the price may be supported by the increase in international oil and crude oil prices, and the seasonal de - stocking trend remains [18][19] - **Soybean and Rapeseed Oil**: Affected by the decline of palm and rapeseed oil, the price may continue to weaken. It is in the consumption season, and the high inventory of rapeseed oil is being reduced [19] - **Corn**: The pressure of wet grain sales is decreasing, and the spot price is stable. The futures price is weak, but the bottom - range support may be effective [19] - **Pigs**: The overall slaughter volume is expected to increase in November, and the profit is in a loss state. The pig price is unlikely to rebound significantly before the winter solstice in December [19]

Group 1: Report Overview - Report Name: Treasury Bond Futures Morning Report - November 3, 2025 [1] - Report Author: Dushufang from Dayue Futures Investment Consulting Department [1] Group 2: Market Conditions Fundamental Analysis - Bank - inter - bond market sentiment is warm, with long - term bonds performing better. The 30 - year main contract rose 0.42%. The 10 - month PMI data led to higher expectations of policy easing in Q4, boosting bond market buying. There is a certain safety cushion for entering the bond market now. The overnight repo rate of deposit - taking institutions rose slightly and stabilized around 1.31%. The yields of secondary perpetual bonds declined by more than 2bp [3]. - On October 31, the People's Bank of China conducted 355.1 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender method, with an operating rate of 1.40%. After deducting the 168 billion yuan of reverse repurchases due on that day, the net investment was 187.1 billion yuan [3]. Basis Analysis - TS main basis is - 0.0487, indicating the spot is at a discount to the futures, which is bearish. TF main basis is - 0.06167, also bearish. T main basis is 0.1238, indicating the spot is at a premium to the futures, which is bullish. TL main basis is - 0.0061, bearish [3]. Inventory Analysis - The deliverable bond balances of TS, TF, and T main contracts are 1359.4 billion, 1493.5 billion, and 2359.9 billion respectively, considered neutral [4]. Disk Analysis - TS, TF, and T main contracts are all above the 20 - day moving average, and the 20 - day moving average is upward, which is bullish [4]. Main Position Analysis - TS main contract has a net long position with an increase in long positions. TF main contract also has a net long position with an increase in long positions. T main contract has a net long position with a decrease in long positions [5]. Expectation Analysis - The central bank has increased the volume of MLF renewals for 8 consecutive months. The October PMI data is below the boom - bust line. In September, CPI rose 0.1% month - on - month and decreased 0.3% year - on - year, while core CPI's year - on - year increase has expanded for 5 consecutive months. New social financing in September was slightly lower than the seasonal level. Affected by the "migration of RMB deposits", the M2 growth rate expanded. LPR remained unchanged as expected. The Fed cut interest rates by 25 basis points in the October FOMC meeting [5]. Group 3: Market Quotes - T2512.CFE: Price is 108.680, up 0.04%, trading volume is 66178, open interest is 242555, with a daily decrease of 2555, and the CTD bond is 220019.IB [8]. - TF2512.CFE: Price is 106.065, down 0.01%, trading volume is 51145, open interest is 149424, with a daily increase of 155, and the CTD bond is 250003.IB [8]. - TS2512.CFE: Price is 102.544, down 0.02%, trading volume is 30841, open interest is 72375, with a daily decrease of 1166, and the CTD bond is 250012.IB [8]. - TL2512.CFE: Price is 116.68, up 0.42%, trading volume is 103750, open interest is 142750, with a daily decrease of 1328, and the CTD bond is 210005.IB [8].

Core Insights - The Indian stock markets are expected to be influenced by quarterly earnings, macroeconomic data announcements, and global trends during a holiday-shortened week [1][3] Macroeconomic Data - Key macroeconomic indicators to be released include the final readings of the HSBC manufacturing PMI, as well as the HSBC services and composite PMI data, which will provide insights into domestic growth momentum [3][5] Corporate Earnings - Major companies set to announce their quarterly results include Bharti Airtel, Titan Company, Adani Enterprises, Adani Ports, InterGlobe Aviation, Mahindra & Mahindra, State Bank of India, Lupin, Bajaj Auto, and Hindalco [4][7] - The ongoing corporate earnings season has shown mixed results so far, which will be closely monitored by the market [7] Foreign Investment Activity - Foreign investors have turned net buyers with a net infusion of ₹14,610 crore in October after three months of withdrawals, indicating a potential shift in market sentiment [5][6] Market Trends - The BSE benchmark dropped by 273.17 points (0.32%) and the NSE Nifty dipped by 73.05 points (0.28%) last week, reflecting profit-booking by investors after a sustained rally [6][7] - Movements in the Indian rupee against the dollar will also significantly impact investor sentiment and sectoral trends [6]