Indices trade near day?s low; IT shares drop

The key equity benchmarks traded near the day's lows in mid-afternoon trade. Investor sentiment remained cautious ahead of the release of India's inflation data later in the day. Although crude oil prices retreated, they remained above $104 a barrel, keeping inflationary concerns in focus. A sharp rise in Indian bond yields further weighed on market sentiment. The Nifty slipped below the 22,350 mark.

IT shares declined after rallying in the past trading session.

At 14:25 IST, the S&P BSE Sensex declined 709.75 points or 0.98% to 71,756.54. The Nifty 50 index fell 189.90 points or 0.85% to 22,330.45.

The broader market outperformed frontline indices. The BSE 150 MidCap Index added 0.14% and the BSE 250 SmallCap Index jumped 1.03%.

The market breadth was positive. On the BSE, 2,265 shares rose and 2,090 shares fell. A total of 306 shares were unchanged.

RBI Measures:

The Reserve Bank of India (RBI) has announced a special facility to meet the entire daily US dollar requirements of three public sector oil marketing companies ? Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL). According to an RBI press release, the central bank will sell US dollars to the three companies through designated banks to meet their foreign exchange requirements. The facility will come into effect tomorrow and remain operational until further notice. The RBI said, the decision was taken following an assessment of prevailing market conditions and is aimed at facilitating the foreign exchange requirements of the three state-owned oil marketing companies.

The Reserve Bank of India (RBI) has raised the minimum daily Cash Reserve Ratio (CRR) maintenance requirement for scheduled banks to 99% from 90%, effective from the reporting fortnight beginning October 16, 2026. Under the existing framework, banks are required to maintain at least 90% of the prescribed CRR on a daily basis, provided their average daily balance over the reporting fortnight meets the CRR requirement stipulated by the RBI.

Buzzing Index:

The Nifty IT Index declined 1.09% to 28,262.35. The index rallied 3.02% in the past trading session.

Tech Mahindra (down 4.15%), Coforge (down 1.34%), Oracle Financial Services Software (down 1.27%), LTM (down 1.19%), Infosys (down 1.14%), Tata Consultancy Services (down 0.67%), Mphasis (down 0.59%), Wipro (down 0.46%), Persistent Systems (down 0.03%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper jumped 1.11% to 7.383 compared with the previous session close of 7.302.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.7100 compared with its close of 96.7100 during the previous trading session.

MCX Gold futures for 4 December 2026 settlement fell 1.13% to Rs 1,49,783.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.08% to 102.30.

The United States 10-year bond yield rose 0.08% to 5.248.

In the commodities market, Brent crude for December 2026 settlement rose 11 cents or 0.11% to $104.83 a barrel.

Stocks in Spotlight:

Swaraj Engines jumped 10.88% after the company reported a 21.9% increase in net profit to Rs 60.57 crore in Q2 FY27, compared with Rs 49.68 crore in Q2 FY26. Revenue from operations rose 26% year on year to Rs 635.19 crore in the quarter ended 30 September 2026.

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