The domestic equity benchmarks traded with modest losses in the afternoon trade after the government refrained from confirming reports of a potential US-India trade deal, weighing on market sentiment. Investors also engaged in profit booking, dragging the Nifty below the 25,800 level.

FMCG, private bank and PSU Bank shares declined while Metal and FMCG shares advanced.

At 13:25 IST, the barometer index, the S&P BSE Sensex, declined 316.54 points or 0.37% to 84,242.32. The Nifty 50 index fell 97.80 points or 0.37% to 25,794.50.

In the broader market, the S&P BSE Mid-Cap index shed 0.29% and the S&P BSE Small-Cap index fell 0.18%.

The market breadth was negative. On the BSE, 1,742 shares rose and 2,298 shares fell. A total of 181 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, was rose 4.33% to 11.79.

Gainers & Losers:

Hindalco Industries (up 3.98%), ONGC (up 1.26%), Bharti Airtel (up 0.92%), ICICI Bank(up 0.91%) and Shriram Finance (up 0.88%) were the major Nifty50 gainers.

Hindustan Unilever (down 3.47%), Cipla (down 3.34%), Kotak Mahindra Bank (down 2.23%), Ultratech Cement (down 1.78%) and Max Healthcare (down 1.69%) were the major Nifty50 losers.

Economy:

The HSBC Flash India Composite PMI Output Index fell to 59.9 in October from 61.0 in September (final), pointing to a moderation in private sector growth. The Services PMI Business Activity Index also eased to 58.8 from 60.9, while the Manufacturing PMI rose to a two-month high of 58.4 compared with 57.7 in September. The Manufacturing Output Index increased further to 62.4 from 61.1, indicating robust factory production.

The latest HSBC Flash PMI data highlighted the weakest expansions in aggregate new orders and output since May 2025, with international sales also rising to a lesser extent. Meanwhile, the rate of job creation was the joint-softest in a year and a half. Price trends were mixed, with input costs increasing at the weakest pace since June and charge inflation quickening since September. Businesses remained optimistic regarding growth prospects, though sentiment faded at the start of the third fiscal quarter.

Pranjul Bhandari, Chief India Economist at HSBC, said: The HSBC flash manufacturing PMI picked up a tad, likely on the back of GST rate cuts which are buoying domestic demand and curbing cost pressures. New orders and output, both, are above the average Jan-Jul levels. However, the drag from US tariff continues to show up in new export orders and future optimism, which remain below the Jan-Jul levels.

Stocks in Spotlight:

Colgate Palmolive (India) tanked 3.11% after the company reported 17.09% decline in standalone net profit to Rs 327.51 crore on 6.33% fall in revenue from operations to Rs 1,507.24 crore in Q2 FY26 over Q2 FY25.

Federal Bank shed 0.18% after the bank's board approved a proposal to grant 27.29 crore warrants at a price of Rs 227 apiece to Asia II Topco XIII, amounting to a total cash consideration of Rs 6,196.51 crore.

Sagar Cements declined 5.21% after the company's consolidated net loss narrowed to Rs 42.31 crore in Q2 FY26 compared with net loss of Rs 55.56 crore in Q2 FY25. Revenue from operations jumped 26.68% YoY to Rs 601.86 crore in Q2 September 2025.

PTC India Financial Services soared 14% after the NBFC's consolidated net profit jumped 86.18% to Rs 88.14 crore in Q2 FY26 from Rs 47.34 crore reported in Q2 FY25. However, total revenue from operations declined 19.32% year on year to Rs 131.84 crore in the quarter ended 30 September 2025.

South India Paper Mills surged 14.47% after the company reported consolidated net profit 2.81 crore in Q2 FY26 compared with net loss of Rs 1.21 crore in Q2 FY25. Revenue from operations increased 9.62% YoY to Rs 111.56 crore in Q2 September 2025.

Crompton Greaves Consumer Electrical rose 0.84%. The company has bagged an order worth Rs 445 crore from NREDCAP to implement solar rooftop systems across 5 divisions in Andhra Pradesh- Kovur, Tirupati Rural, Puttur, Chittoor (O) and Chittoor (R).

Global Markets:

European market declined investors will be monitoring a swathe of reports today, including from Saab, ENI, Sanofi, truckmaker Volvo Group, and Porsche.

Asia-Pacific markets advanced on Friday following a White House announcement that U.S. President Donald Trump and China's President Xi Jinping are scheduled to hold talks the following week.

U.S. Press Secretary Karoline Leavitt reportedly confirmed that President Trump will travel to Malaysia, Japan, and South Korea, with media reports stating he will meet President Xi next Thursday. This meeting is set to occur after Trump speaks at the Asia-Pacific Economic Cooperation CEO Summit.

In Japan, the core inflation rate accelerated to 2.9% in September, marking the first increase since May and rising from 2.7% in August. Japan's core inflation metric excludes fresh food prices but includes energy costs. The country's headline inflation also climbed to 2.9% from 2.7% the previous month.

Overnight, the three major averages closed higher. The S&P 500 climbed 0.58% to close at 6,738.44, boosted by tech stocks, after a batch of strong earnings results.

The Dow Jones Industrial Average traded up 144.20 points, or 0.31%, to finish at 46,734.61. The Nasdaq Composite outperformed, rising 0.89% to settle at 22,941.80, seeing support from the gains in Nvidia, Broadcom and Amazon. A nearly 3% jump in shares of fellow artificial intelligence player Oracle also boosted sentiment.

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