At 11:30 IST, the barometer index, the S&P BSE Sensex, tumbled 767.22 points or 0.95% to 79,469.24. The Nifty 50 index slipped 221.70 points or 0.90% to 24,056.20.
In the broader market, the S&P BSE Mid-Cap index shed 0.07% and the S&P BSE Small-Cap index rose 0.41%.
The market breadth was strong. On the BSE, 2,254 shares rose and 1,463 shares fell. A total of 162 shares were unchanged.
Buzzing Index:
The Nifty IT index fell 2.06% to 43,113.95. The index slipped 2.10% in two consecutive trading sessions.
Infosys (down 2.7%), Tech Mahindra (down 2.53%), L&T Technology Services (down 2.34%), Mphasis (down 1.89%) and HCL Technologies (down 1.85%), Wipro (down 1.55%), LTIMindtree (down 1.45%), Persistent Systems (down 1.3%), Tata Consultancy Services (down 1.22%) and Coforge (down 0.55%) slipped.
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Stocks in Spotlight:
Waaree Renewable Technologies hit an upper circuit of 5% after the company informed that it has received an order worth Rs 1,233.47 crore to set up a ground-mount solar photovoltaic (PV) project of 2,012.47 MWp DC capacity.
Dr Reddy's Laboratories fell 0.83%. The company has announced the launch of Toripalimab in India, a new biological entity (NBE) that is used for the treatment of adults with recurrent or metastatic nasopharyngeal carcinoma (RM-NPC).
Global Markets:
The Dow Jones index futures were up 77 points, signaling a positive opening for U.S. stocks today.
Asian stocks traded mixed on Thursday as investors adopted a cautious stance ahead of the US Thanksgiving holiday.
In a surprise move, South Korea's central bank lowered interest rates by 25 basis points. The bank cited concerns about slowing economic growth in the coming year.
US stocks ended lower on Wednesday, weighed down by a combination of economic data releases and holiday-related trading. The S&P 500 declined 0.4%, the NASDAQ Composite fell 0.6%, and the Dow Jones Industrial Average closed 0.3% lower.
The October PCE price index, the Fed's preferred inflation gauge, rose 2.8% year-over-year, remaining above the Fed's 2% target.
The US economy expanded at a 2.8% annual pace in the third quarter, driven by strong consumer spending and export growth.
Initial jobless claims dropped 2,000 to a seasonally adjusted 213,000 for the week ended November 23, indicating a tight labor market.
On the corporate front, HP slid 11% after the information technology company issued disappointing guidance for 2025, while Dell Technologies tumbled over 12% after the PC manufacturer offered up a disappointing revenue outlook for the current quarter despite bullish commentary from the company on AI sales growth.
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