Your fuel bill is likely to rise in the near future. The United States has imposed fresh sanctions on Russia’s two largest oil companies, Rosneft and Lukoil. Together, these two giants account for almost 50% of Russia’s crude oil exports, which stood at over 4 million barrels per day in September.
Most of this output was being sold in Asia, with China buying around 2 million barrels per day and India importing approximately 1.6 million barrels.
However, after the US sanctions, which effectively prohibit any person or financial institution from transacting with the banned entities, China and India are expected to reduce their crude oil purchases from Russia.
The US sanctions are set to take effect from 21 November, giving India almost a month to recalibrate its oil purchases. Meanwhile, global crude oil prices have surged following the announcement of the new measures against Russian oil giants.
₹6.5 lakh crore in festive sales
The Indian economy is showing considerable resilience in the face of global trade turmoil. During the ongoing festive season, Indian consumers have outspent Pakistan’s annual budget.
According to trade body CAIT, Indian shoppers spent ₹6.5 lakh crore during this period, compared with Pakistan’s FY26 budget of around ₹5.27 lakh crore, a 25 per cent increase over festive sales in 2024. Of the total sales, ₹5.4 lakh crore came from goods, while services accounted for ₹65,000 crore.
The surge was also reflected in UPI transactions, which hit record highs during the Dhanteras–Diwali period. In fact, UPI transactions soared to over 75 crore in volume and over ₹1 lakh crore in value on 18 October, the day Dhanteras was celebrated.
Gold, silver see sharp decline
While Indians are estimated to have purchased gold and jewellery worth over ₹1 lakh crore during the festive season, prices of precious metals experienced a sharp correction immediately after Dhanteras.
After hitting a record high of almost $4,400 an ounce on Monday, international gold prices saw the sharpest decline in nearly 12 years, dropping over 6% in Tuesday’s session. This was followed by further declines in subsequent trading sessions.
Gold was not alone in this correction, as investors booked profits. Silver prices also fell by over 7% in Tuesday’s session. However, experts expect precious metal prices to remain firm in the near term, supported by global uncertainties, central bank purchases, and weaker-dollar expectations.
Tata Trusts: Key reappointments
Tata Trusts, the umbrella organisation of charities that controls Tata Sons, unanimously reappointed Venu Srinivasan as a trustee for life. The reappointment of Srinivasan, who is also chairman emeritus of the TVS Group, came just ahead of the end of his term on 23 October. This decision came amidst reports of a rift within the Trusts.
Attention is now on the reappointment of Mehli Mistry, another key figure at Tata Trusts. His term at the Sir Dorabji Tata Trust and Sir Ratan Tata Trust expires on 28 October. Reports indicate that a proposal for his reappointment has already been submitted.
Starlink’s India rollout roadmap
Elon Musk’s satellite communications firm Starlink is gearing up for a rollout in India. The company has initiated plans to build its infrastructure here. According to a report by The Economic Times, Starlink will establish nine gateway earth stations across key Indian cities, including Mumbai, Noida, Chandigarh, Hyderabad, Kolkata, and Lucknow.
Meanwhile, according to Bloomberg, Starlink is also commencing security tests in India, a necessary step before the company can provide satellite broadband services in the country.
Sensex, Nifty: Marginal uptick
Finally, a quick look at the week’s market action. It was a truncated trading week for Indian equities, as on Tuesday markets opened only for the Muhurat trading and remained closed on Wednesday.
Both the Sensex and the Nifty saw a sharp uptick during the first half of Thursday’s session, driven by a surge in IT stocks. However, the market could not maintain that momentum and ended the week with marginal gains.
