The key equity indices traded significant cuts in the mid-morning as concerns over U.S. tariffs and continued foreign fund outflows overshadowed pockets of optimism around earnings growth.
The Nifty traded below 26,000 level. IT shares declined after advancing for previous two consecutive trading sessions.
At 11:28 ST, the barometer index, the S&P BSE Sensex, tanked 444.52 points or 0.52% to 84,515.60. The Nifty 50 index declined 168.15 points or 0.64% to 25,972.30.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.52% and the S&P BSE Small-Cap index declined 1.62%.
The market breadth was weak. On the BSE, 1,162 shares rose and 2,675 shares fell. A total of 209 shares were unchanged.
Buzzing Index:
The Nifty IT index declined 1.51% to 38,105.75. The index rose 0.88% in the previous two consecutive trading session.
Tata Consultancy Services (down 3.2%), Tech Mahindra (down 1.98%), Mphasis (down 1.83%), Oracle Financial Services Software (down 1.82%), Wipro (down 1.68%), LTIMindtree (down 1.48%), Coforge (down 1.39%), Infosys (down 0.91%), Persistent Systems (down 0.88%) fell.
Stocks in Spotlight:
NCL Industries fell 1.96%. The company has recorded 5% growth in cement production in Q3 FY26, producing 6,94,854 MT of cement during the period under review as against 6,61,049 MT produced in Q3 FY25.
Larsen & Toubro (L&T) shed 0.19%. 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.
Granules India rose 1.07% after 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.
Global Markets:
Asia-Pacific markets traded mixed on Thursday 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.