Nifty recovers from intraday low but stays below 22,650

The domestic equity benchmarks trimmed losses from the day?s lows but continued to trade in negative territory in mid-afternoon trade, aided by value buying at lower levels. Investors tracked the ongoing Q2 earnings season amid concerns over rising wholesale inflation, which accelerated to 11.39% in September. The Nifty 50 traded below 22,650 mark.

Auto shares selling pressure after witnessing buying interest in past three consecutive trading sessions.

At 14:25 IST, the S&P BSE Sensex declined 254.83 points or 0.35% to 72,779.22. The Nifty 50 index fell 101.30 points or 0.45% to 22,620.65.

In the broader market, the Nifty MidCap 150 index rose 0.01%, while the Nifty SmallCap 250 index advanced 0.17%.

Market breadth remained positive. On the NSE, 2,039 shares advanced, while 1,438 declined and 122 remained unchanged.

Economy:

India's wholesale price index (WPI) inflation accelerated to 11.39% in September 2026, from 9.92% in August, marking its highest level in the new series. The increase was driven by rising prices across major categories, with fuel and power inflation climbing to 25.9% from 22.9% in August. Inflation in food articles rose to 8.66% from 7.05%, while primary articles inflation increased to 8.67% from 7.76%. Inflation in manufactured products also accelerated to 9.76% from 8.37%. Core WPI inflation under the new series stood at 9.8%. The broad-based increase points to mounting wholesale price pressures, particularly from energy and manufacturing costs.

Buzzing Segment:

The Nifty Auto index declined 0.72% to 25,211.80. The index jumped 3.59% in the past three trading sessions.

Mahindra & Mahindra (down 1.56%), Ashok Leyland (down 1.56%), TVS Motor Company (down 1.31%), Eicher Motors (down 0.98%), Tata Motors Passenger Vehicles (down 0.68%), Uno Minda (down 0.54%), Bajaj Auto (down 0.33%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 0.43% to 7.395 compared with the previous session close of 7.363.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.0875 compared with its close of 95.3600 during the previous trading session.

MCX Gold futures for 4 December 2026 settlement fell 0.40% to Rs 1,47,853.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 102.20.

The United States 10-year bond yield fell 0.38% to 5.199.

In the commodities market, Brent crude for December 2026 settlement shed 1 cents or 0.01% to $105.68 a barrel.

Stocks in Spotlight:

Transrail Lighting rose 3.93% after the company secured new orders worth Rs 408 crore, strengthening its order book. The latest wins take its year-to-date order inflows to Rs 2,429 crore.

Rajesh Power Services added 1.42% after the company received a Rs 69 crore turnkey contract from Uttar Gujarat Vij Company (UGVCL) for shifting the existing electrical network at various locations in the Sabarmati and Mehsana circles.

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