Benchmarks trim losses, Nifty regains 22,600 mark

The key equity benchmarks trimmed losses in afternoon trade. However, investor sentiment remained fragile as elevated crude oil prices and weak global cues continued to weigh on the market. The Nifty reclaimed the 22,600 level.

At 13:30 IST, the S&P BSE Sensex declined 495.95 points or 0.67% to 73,213.74. The Nifty 50 index lost 183.35 points or 0.80% to 22,628.

The broader market underperformed the frontline indices. The Nifty MidCap 150 Index declined 0.81% and the Nifty SmallCap 250 Index fell 1%.

The market breadth was weak. On the NSE, 976 shares rose and 2472 shares fell. A total of 110 shares were unchanged.

Buzzing Segment:

The Nifty Cement index rose 0.2%. Among individual stocks, India Cements surged 6.35%, followed by Ambuja Cements (2.29%), ACC (2.13%), Nuvoco Vistas (1.87%), Birla Corporation (1.22%) and UltraTech Cement (0.67%). Among the laggards, Shree Cement declined 0.09%, JSW Cement fell 0.17%, Dalmia Bharat shed 0.45%, Grasim Industries dropped 0.58%, Ramco Cements declined 1.39% and JK Cement fell 2.06%.

Stocks in Spotlight:

Balkrishna Industries (BKT) added 3.77% after the company has signed a strategic agreement with Italian tyre manufacturer Pirelli to manufacture up to 8 lakh Pirelli-branded premium passenger car tyres in India by 2030.

360 ONE WAM rose 1after allotting 2.05 crore equity shares to UBS AG following the conversion of warrants. The allotment gives the Swiss financial services group an approximately 4.8% stake in the wealth and asset management firm. The shares were allotted at Rs 1,030 apiece on 22 October 2026 after UBS paid the remaining 75% of the warrant exercise price. The total consideration for the warrant conversion amounted to Rs 2,111.80 crore.

Global Cues:

Dow futures were trading 304 points lower on Thursday, signalling a weaker start on Wall Street. European shares fell in early trade as investors assessed developments in the Middle East, rising crude oil prices and corporate earnings.

Asian shares slumped, with technology stocks leading losses as mixed US technology earnings renewed concerns over the returns on heavy artificial intelligence (AI) investments. Escalating tensions in the Gulf and fears of potential energy supply disruptions added to the pressure on sentiment. Brent crude rose above $110 per barrel.

The International Monetary Fund forecast that economic output across the Middle East, North Africa and Pakistan would contract 1.3% in 2026 because of the war, before rebounding 6.6% in 2027, assuming the conflict eases in early 2027. The IMF warned of ?exceptionally high uncertainty? surrounding the outlook.

Saudi authorities reported that one person was killed and eight others were injured in an attack on King Fahd International Airport in Dammam late Wednesday. The incident caused material damage, while flight operations were subsequently reported to have returned to normal. The United States ordered some diplomatic personnel and their families to leave Saudi Arabia amid security concerns.

US President Donald Trump reportedly said that Washington was not negotiating with Iran and that a resolution could come ?fairly soon?. Uranium enrichment remains a key point of contention in discussions over Iran's nuclear programme. The exact quotations and the reference to a June memorandum should be verified against the original report before publication.

US stocks advanced on Wednesday, supported by corporate earnings and gains in technology shares. The Dow Jones Industrial Average rose 360.21 points, or 0.69%, to close at 52,856.09. The S&P 500 gained 44.60 points, or 0.58%, to 7,757.17, while the Nasdaq Composite advanced 278.04 points, or 1.05%, to 26,702.86.

Meta Platforms reported revenue of $64.60 billion for the quarter ended September 30, 2026, up 26% year on year. Net income rose to $9.86 billion from $2.71 billion a year earlier, while diluted earnings per share increased to $3.83 from $1.05. However, the results included a $9.89 billion charge related to an agreement resolving litigation with US state attorneys general. Excluding the charge and its related tax effect, diluted earnings per share would have been $7.40.

Meta forecast fourth-quarter revenue of $73 billion to $76 billion and raised its full-year expense outlook to $175 billion to $179 billion. Investors will assess the company's capital expenditure plans and the returns on its AI investments.

Tesla reported third-quarter revenue of $28.05 billion, broadly unchanged from $28.10 billion a year earlier. Net income attributable to common stockholders fell 43% to $787 million, while adjusted earnings per share of $0.48 exceeded analyst expectations. The company generated $1.53 billion in free cash flow during the quarter.

Tesla lowered its projected 2026 capital expenditure to $20 billion from a previously indicated level of about $25 billion. Its shares fell around 3.2% in after-hours trading following the results. Investors will assess the implications of the revised spending outlook for the company's AI, robotics and broader growth plans.

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