The key equity benchmarks continued to trade with modest cuts in early-afternoon trade as concerns over U.S. tariffs and continued foreign fund outflows overshadowed pockets of optimism around earnings growth. The Nifty traded below the 25,900 level.
At 1:30 ST, the barometer index, the S&P BSE Sensex, declined 726.85 points or 0.86% to 84,234.29. The Nifty 50 index dropped 246.40 points or 0.94% to 25,888.10.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.69% and the S&P BSE Small-Cap index shed 1.77%.
The market breadth was negative. On the BSE, 1,016 shares rose and 3,031 shares fell. A total of 199 shares were unchanged.
Gainers & Losers:
SBI Life Insurance Company (up 0.50%), ICICI Bank (up 0.41%), HCL Technologies (up 0.39%), Bharat Electronics (up 0.26%) and Eternal (up 0.41%) were the major Nifty50 gainers.
Hindalco Industries (down 3.79%), Oil & Natural Gas Corporation (down 3.22%), Jio Financial Services (down 3.08%), Wipro (down 2.79%) and JSW Steel (down 2.71%) were the major Nifty50 losers.
Stocks in Spotlight:
Madhya Bharat Agro Products (MBAPL) fell 4.07%. The company reported a sharp 77.47% rise in standalone net profit to Rs 31.75 crore on a robust 115.84% jump in revenue from operations to Rs 612.38 crore in Q3 FY26 over Q3 FY25.
Gland Pharma jumped 0.01%. The company received an approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) filed for Olopatadine Hydrochloride Ophthalmic Solution USP, 0.7%.
P N Gadgil Jewellers fell 1.65%. The company reported a 35.60% year-on-year (YoY) increase in total revenue to Rs 3,302 crore for the third quarter of FY26, up from Rs 2,435 crore in the same period last year.
Granules India shed 0.74%. The company said that its arm Granules Pharmaceuticals, Inc has received tentative approval from the USFDA for its Abbreviated New Drug Application for generic Amphetamine Extended-Release Tablets, equivalent to DYANAVEL XR.
Larsen & Toubro (L&T) declined 1.49%. The company said it has received a supply order from the Corps of Electronics and Mechanical Engineers (EME) of the Indian Army for overhaul, upgrade, and obsolescence management of the indigenous Pinaka Multi-Rocket Launcher Systems.
Global Markets:
European shares opened lower on Thursday as regional market jitters grow over U.S. President Donald Trump’s threat to annex Greenland.
Asia-Pacific markets traded mixed after Wall Street closed lower amid rising geopolitical tensions and comments from U.S. President Donald Trump.
U.S. defense stocks fell after Trump said he “will not permit” defense companies to issue dividends or stock buybacks until they address his complaints about the industry, including executive pay packages and production issues.
In U.S., the Dow Jones Industrial Average snapped a three-day winning streak, falling 466 points, or 0.94%, to close at 48,996.08. The S&P 500 declined 23.89 points or 0.34% to end at 6,920.93, while the tech-heavy Nasdaq Composite edged up 37.10 points or 0.16% to close at 23,584.28.