The Nifty traded below the 25,600 level after touching day’s high of 25,679.15 in early trade. Media, metal and consumer durables shares declined, while IT, auto and FMCG shares advanced.

In the barometer index, the S&P BSE Sensex rose 86.08 points or 0.10% to 83,545.23. The Nifty 50 index fell 5.95 points or 0.02% to 25,592.30.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.82%, while the S&P BSE Small-Cap index dropped 1.15%.

The market breadth was weak. On the BSE, 1,210 shares rose and 2,851 shares fell. A total of 196 shares were unchanged.

Economy:

The seasonally adjusted HSBC India Services PMI Business Activity Index stood at 58.9 in October, comfortably above both the neutral mark of 50.0 and its long-run average of 54.3. October data showed softer, although still substantial, expansions in Indian services output and new business. While factors like demand buoyancy and GST (Goods and Services Tax) relief reportedly led to an improvement in operating conditions, competition and heavy rains constrained growth.

HSBC India Composite PMI Output Index fell to 60.4 in October from 61.0 in September. There was also a weaker, albeit still substantial, upturn in aggregate sales. The rate of expansion was the softest in five months. For new orders and output, the slowdowns in growth were centred on the service economy as manufacturers actually registered quicker rates of expansion.

Gainers & Losers:

Asian Paints (up 4.62%), Mahindra & Mahindra (up 1.66%), InterGlobe Aviation (up 1.57%), Reliance Industries (up 1.22%) and Wipro (up 1.07%) were the major Nifty50 gainers.

Hindalco Industries (down 6.31%), Grasim Industries (down 5.62%), Adani Enterprises (down 3.18%), Power Grid Corporation (down 2.72%) and ETERNAL (down 2.01%) were the major Nifty50 losers.

Grasim Industries declined 5.62% after Rakshit Hargave, CEO, Birla Opus Paints, stepped down to pursue opportunities outside the company.

Interglobe Aviation(Indigo) added 1.57%. The company’s consolidated net loss widens to Rs 2,582.1 crore in Q2 FY26, compared with net loss of Rs 986.7 crore in Q2 FY25, including the impact of currency movement pertaining to dollar based future obligations. Revenue from operations increased 9.34% to Rs 18,555.3 crore in Q2 Sept 2025, driven by strong operational execution and efficient capacity deployment.

Stocks in Spotlight:

Sun Pharmaceutical Industries rose 0.38%. The company has reported 2.6% rise in consolidated net profit to Rs 3,118 crore on a 8.6% increase in revenue to Rs 14,405.2 crore in Q2 FY26 as compared with Q2 FY25.

Britannia Industries advanced 2.43% after its consolidated net profit increased 23.14% to Rs 654.47 crore on 3.70% jump in total revenue from operations to Rs 4,840.63 crore in Q2 FY26 over Q2 FY25.

Delhivery slumped 6.41% after the company reported a consolidated net loss of Rs 50.37 crore in Q2 FY26, compared with a net profit of Rs 10.20 crore in Q2 FY25. Revenue from operations increased 16.87% year on year to Rs 2,559.32 crore in Q2 FY26.

Motherson Sumi Wiring India rose 0.40%. The company reported 9% increase in net profit to Rs 165 crore on a 19% rise in revenue to Rs 2,762 crore in Q2 FY26 as compared with Q2 FY25.

Avanti Feeds rallied 3.49% after the company’s consolidated net profit jumped 34.87% to Rs 153.29 crore in Q2 FY26 as against Rs 113.65 crore in Q2 FY25. Revenue from operations increased 19.04% year on year to Rs 1,609.69 crore in the quarter ended 30 September 2025.

Garden Reach Shipbuilders & Engineers rose 1.09% after its standalone net profit surged 57.28% to Rs 153.78 crore in Q2 FY26, compared with Rs 97.77 crore in Q2 FY25. Revenue from operations jumped 45.48% YoY to Rs 1,677.38 crore during the quarter ended 30 September 2025.

Global Markets:

European markets advanced, while Asia-Pacific markets traded higher on Thursday, tracking Wall Street gains after AMD’s third-quarter earnings beat, which lifted artificial intelligence (AI) stocks.

U.S. equity futures were little changed in early Asian hours after the Supreme Court expressed skepticism over President Donald Trump’s tariffs, and as AI stocks recovered following a sell-off on valuation concerns.

Overnight, the Dow Jones Industrial Average gained 225.76 points, or 0.48%, to close at 47,311.00. The S&P 500 rose 0.37% to finish at 6,796.29, while the Nasdaq Composite advanced 0.65% to settle at 23,499.80.

Investors were paying attention to the Supreme Court hearing Wednesday regarding President Donald Trump’s tariffs. At issue is whether the president had the authority to impose such duties under the International Emergency Economic Powers Act, or IEEPA.

The high court’s justices focused their questions on the legality of the sweeping tariffs, with both conservative and liberal members asking Solicitor General D. John Sauer about the Trump administration’s justification.

Equity investors received some encouraging data on the economy Wednesday with better ADP payrolls data and a stronger ISM services economy reading.

Payroll growth at private companies turned slightly stronger than expected in October, providing some hope that the labor market isn’t in danger of sinking, ADP reported Wednesday. Companies added 42,000 jobs for the month, following a decline of 29,000 in September. A revision for September showed 3,000 fewer jobs lost, the payrolls processing firm said.

Service-sector activity picked up in October, pushed by new orders and general business activity as imports receded, the Institute for Supply Management reported Wednesday.

The ISM services index rose to 52.4%, up from September’s 50%, which is the breakeven point for overall expansion for the measure.