At 13:30 IST, the barometer index, the S&P BSE Sensex, declined 492.08 points or 0.58% to 84,502.57. The Nifty 50 index fell 156.25 points or 0.59% to 25,899.70.

In the broader market, the S&P BSE Mid-Cap index shed 0.14% and the S&P BSE Small-Cap index dropped 0.21%.

The market breadth was negative. On the BSE, 1,762 shares rose and 2,271 shares fell. A total of 177 shares were unchanged.

Gainers & Losers:

Larsen & Toubro (up 1.07%), Coal India (up 0.89%), Maruti Suzuki India (up 0.61%), UltraTech Cement (up 0.56%) and Bharat Electronics (up 0.36%) were the major Nifty50 gainers.

Dr. Reddy's Laboratories (down 3.59%), HDFC Life Insurance Company (down 2%), Bharti Airtel (down 1.69%), Bajaj Finance (down 1.44%) and InterGlobe Aviation (down 0.69%) were the major Nifty50 losers.

Larsen & Toubro added 1.07% after the company reported a 15.6% jump in consolidated net profit to Rs 3,926.09 crore on 10.4% increase in revenue from operations to Rs 67,983.53 crore in Q2 FY26 over Q2 FY25.

US-China trade deal:

US President Donald Trump said his meeting with Chinese Premier Xi Jinping was 'amazing,' adding that both sides reached consensus on several key issues. Trump stated that China would immediately resume purchases of soybeans and continue exports of rare earth materials to the US. He further said the US would reduce tariffs on Chinese goods to 47% from 57%, indicating that a trade deal between the two nations would be signed 'soon.'

Additionally, Trump agreed to reduce tariffs on China pertaining to fentanyl-related products to 10%.

Stocks in Spotlight:

Zydus Lifesciences fell 1.76%. The company announced that it has received the Establishment Inspection Report (EIR) from the U.S. Food and Drug Administration (USFDA) for its manufacturing facility located at Baddi, Himachal Pradesh.

Dilip Buildcon added 4.11% after the company announced that it has received a work order worth Rs 307.08 crore from ISC Projects.

Brigade Enterprises shed 0.90%. The company reported 36.57% jump in consolidated net profit to Rs 162.50 crore in Q2 FY26 as against Rs 118.98 crore reported in Q2 FY25. Revenue from operations grew 29.02% YoY to Rs 1,383.37 crore in the quarter ended 30 September 2025.

Vaibhav Global soared 10.92% after the company's consolidated net profit climbed 71.04% to Rs 47.55 crore on 10.16% jump in revenue from operations to Rs 877.31 crore in Q2 FY26 over Q2 FY25.

Global Markets:

European market opened mixed on Thursday as regional investors await more corporate earnings, the latest growth data and a European Central Bank rate decision.

Asia-Pacific markets traded mixed after U.S. Federal Reserve Chair Jerome Powell indicated that a rate cut in December was far from a 'foregone conclusion.'

The US Fed on Wednesday slashed the benchmark federal funds rate by 25 basis points, as expected, to bring it to 3.75%-4%.

Japan's central bank kept its benchmark interest rate unchanged at 0.5% in its first policy meeting after Sanae Takaichi assumed office as prime minister earlier this month.

Inflation in Japan has remained above the Bank of Japan's 2% target for the 41st consecutive month.

Investors await signals from the first in-person meeting between U.S. President Donald Trump and Chinese President Xi Jinping since Trump began his second term.

Overnight in the U.S., the Dow Jones Industrial Average closed lower Wednesday after Powell's remarks, having hit a record high earlier in the session.

The Dow Jones Industrial Average closed down 0.2% at 47,632.00, while the S&P 500 ended marginally lower at 6,890.59. However, the Nasdaq Composite gained 0.55% to a fresh record close of 23,958.47, supported by gains in Nvidia.

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