05:58 AM EST, 12/30/2025 (MT Newswires) -- With less working days in October owing to the Diwali festivity, a pick-up in India's industrial production (IP) growth in November was widely expected, although at 6.7% year over year, it was above market expectations of 2.9%, said Nomura.

That said, growth in October-November (which averages out the Diwali-led distortions) slowed to 3.6% year-over-year from 4.6% in September, noted the bank.

Capital and infrastructure/construction sectors have performed better than consumer goods industries.

Labor-intensive sectors at the eye of the United States President Donald Trump's tariff storm have continued to struggle, while much of the outperformance has been driven by computers & electronics, electrical equipment, and transportation, according to Nomura.