Russia retains top spot in India’s September crude imports

In September 2025, India stuck with its preference for heavy middle distillates, sourcing over 75% of its crude from Russia and the Middle East. Russia led with a 34% share, while the Middle East contributed just over 44%.

Although Russian imports dipped by over 10% month-on-month, they remain a cost-effective choice for Indian refiners. US pressure is showing some effect, but any cuts to Russian barrels are expected to be minor and mostly symbolic.

Meanwhile, imports from the US and Africa stayed limited, as American crude faces logistical and refinery compatibility issues, keeping its growth potential modest.

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Stock market outlook: Will Nifty 50, Sensex & Nifty Bank sustain the bounce?

Markets recovered last week, easing pressure from the previous fall. Nifty and Sensex rose about 1%, while Nifty Bank gained over 2%, showing strong bullish signals.

BSE Metals and PSU sectors led the rally, up nearly 4% and 3%. However, Foreign Portfolio Investors sold Indian equities for the second week, with outflows of $1.15 billion.

Nifty faces resistance at 25,500, with support at 24,500, keeping the medium-term bullish outlook intact.

Nifty Bank is forming a bullish pattern; a break above 55,850 could push it to 58,000. Sensex support at 80,000 held well, eyeing a rise toward 83,400.

Midcaps and Smallcaps remain strong, aiming for higher levels in the coming months.

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Cough syrup deaths

In Madhya Pradesh’s Chhindwara, 14 children died from suspected kidney failure linked to a toxic cough syrup.

Cough syrup Coldrif’s samples taken from Sresan Pharma’s Kanchipuram plant in Tamil Nadu contain contaminants Diethylene Glycol (DEG), the Union Health Ministry said on Saturday, raising more questions on the death of children in Madhya Pradesh and Rajasthan.

States including Kerala, Tamil Nadu and Madhya Pradesh have banned the syrup, while Rajasthan reportedly took action against other cough syrups (containing Dextromethorphan) from Jaipur-based Kaysons Pharma. Both pharma companies have not made any public statements, following the developments.

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India-EU FTA

Senior officials from India and the 27-nation European Union will begin the 14th round of talks on a proposed free trade agreement in Brussels on October 6. The five-day negotiations aim to resolve outstanding issues and finalize the pact by December.

Commerce Minister Piyush Goyal recently expressed optimism about an early agreement. He is also expected to meet EU Trade Commissioner Maros Sefcovic later this month to review progress.

The India-EU trade deal seeks to boost two-way commerce and investment, covering 23 policy areas including goods, services, intellectual property, and sustainable development.

Bilateral trade in goods reached $136.5 billion in 2024-25, with the EU accounting for 17% of India’s exports. Services trade between the two stood at $51.45 billion in 2023.

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