Benchmarks at the day's low; European markets edge lower

The benchmark indices continued their downward slide in afternoon trade, as rising oil prices, elevated US Treasury yields and losses across European and Asian markets weighed on domestic equities. Investors also tracked key regulatory and market developments. The Nifty slipped below the 23,200 level.

At 13:34 IST, the barometer index, the S&P BSE Sensex tanked 904.67 points or 1.21% to 73,923.58. The Nifty 50 index lost 270.45 points or 1.15% to 23,176.35.

In the broader market, the BSE 150 MidCap Index declined 1.51% and the BSE 250 SmallCap Index dropped 0.94%.

The market breadth was weak. On the BSE, 1,434 shares rose and 2,776 shares fell. A total of 238 shares were unchanged.

Gainers & Losers:

Cipla (up 2.03%), SBI Life (up 0.33%), Bharat Electronics (up 0.11%) and NTPC (up 0.02%) were the top gainers.

HDFC Life (down 5.09%), Bajaj Finance (down 4.91%), Axis Bank (down 4.54%), Bajaj Finserv (down 3.86%) and Hindalco (down 2.21%) were the top losers.

Stocks in Spotlight:

IOL Chemicals & Pharmaceuticals rose 0.36%. The company announced that it has received registration for its product Triacetin under the applicable EU REACH framework.

Max Estates jumped 4.71%. The company said that it has enter into a binding memorandum of understanding for a prosposed joint development agreement (JDA) for an approximately 9.76-acre land parcel in Ghaziabad, structured on a capital-light basis. The proposed land parcel would have a super built-up development potential of nearly 1.5 million square feet. and is estimated to host a gross development value (GDV) of Rs 2,500-3,000 crore.

Vikran Engineering jumped 9.06% to Rs 61.15 after the company announced that it has secured a new order aggregating approximately Rs 153.76 crore from Power Grid Corporation of India for the 400 kV AIS Extension Substation Package SS 136T.

Global Markets:

US Dow Jones index futures were down 113 points on Thursday, pointing to a lower opening for US stocks.

European shares and thier Asian counterparts inched lower ‌on Thursday as investors weighed lingering tensions in the Middle East and awaited the highly anticipated talks between the ​US and China.

A sharp rise in US Treasury yields heightened concerns over inflation and interest rates. The 10-year US Treasury yield rose to around 5.11%, its highest level since 2007 and its biggest one-day increase since the market turmoil triggered by US President Donald Trump's April 2025 tariff announcement.

Stronger-than-expected US economic data and weak demand at a $70 billion five-year Treasury auction contributed to the rise in yields. The US private-sector output expanded at its fastest pace in more than five years in September, while price pressures also increased. The S&P Global Flash US Composite PMI rose to 58.4 in September from 56.0 in August, marking its highest level in more than five years.

The rise in Treasury yields increased market expectations of another Federal Reserve interest rate hike and put pressure on global bond markets.

Oil prices remained elevated after Brent crude jumped nearly 4% on Wednesday to settle at $103.08 a barrel, ending a five-day losing streak.

The dollar remained close to its strongest level since late July as investors assessed the changing interest-rate outlook and continued to monitor developments in energy markets.

Wall Street indexes fell on Wednesday as the surge in Treasury yields weighed on equities. The Nasdaq Composite fell 1.1% after posting back-to-back record closes earlier in the week. The Dow Jones Industrial Average declined 0.7%, while the S&P 500 fell 0.8%.

Chinese President Xi Jinping arrived in Washington on Wednesday for a three-day state visit and was welcomed by US President Donald Trump. The two leaders are scheduled to hold talks on Thursday, with trade and artificial intelligence among the issues in focus.

US Treasury Secretary Scott Bessent met Chinese Vice Premier He Lifeng ahead of the summit and said Washington and Beijing had agreed to extend their trade truce by two months, to 10 January 2027.

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