A sustained selling dragged Indian equity benchmarks near their intraday low points during early afternoon deals, with mixed cues from other Asian markets, on concerns over elevated oil prices amid escalating tensions in the Strait of Hormuz. Both benchmark indices, Sensex and Nifty, were witnessing selling pressure in early noon trade amid weakness in banking and financial stocks. Disappointing quarterly earnings-related developments at major private banks, including concerns over margins and higher provisions, were weighing on the domestic sentiment.
On the global front, Asian markets were trading mixed, even after China's economic growth accelerated in the third quarter, bolstering prospects that the government will meet its full-year growth target. Gross domestic product grew 4.5 percent on a yearly basis in the third quarter, which was faster than the 4.3 percent expansion seen a quarter ago. This was also better than forecast of 4.4 percent.
The BSE Sensex is currently trading at 74009.47, down by 719.80 points or 0.96% after trading in a range of 73962.43 and 74849.75. There were 6 stocks advancing against 24 stocks declining on the index.
The top gaining sectoral indices on the BSE were PSU up by 0.11%, Metal up by 0.07%, Telecom up by 0.07% and Oil & Gas up by 0.05%, while FMCG down by 1.36%, IT down by 1.29%, TECK down by 1.14%, Realty down by 0.90% and Consumer Durables down by 0.76% were the top losing indices on BSE.
The top gainers on the Sensex were Adani Ports & SEZ up by 1.25%, State Bank Of India up by 0.66%, Larsen & Toubro up by 0.59%, Ultratech Cement up by 0.57% and Maruti Suzuki India up by 0.49%. On the flip side, Axis Bank down by 3.60%, HDFC Bank down by 2.42%, Trent down by 2.30%, Infosys down by 2.27% and Hindustan Unilever down by 2.26% were the top losers.
Meanwhile, the drug pricing regulator - National Pharmaceutical Pricing Authority (NPPA) has capped trade margins on 137 non-scheduled anti-cancer formulations at 30%. The retailers and hospitals must charge reduced rates from November 9, 2026 and display the revised prices in their pharmacies. Hospitals, which directly procure a substantial share of oncology medicines, are also required to prominently exhibit the new rates on their websites and will bear direct responsibility for ensuring the revised prices are implemented on the ground.
The Ministry of Chemicals and Fertilisers has noted that the move is expected to slash retail prices of these critical life-saving medicines by up to 70% depending on their current price structures. To ensure strict adherence, state drug controllers have been directed to enforce compliance across manufacturers, dealers, retailers, hospitals, and medical institutions. Besides, consumers can verify and check the updated drug rates through the NPPA website and the 'Pharma Sahi Daam' mobile app.
NPPA has emphasized that the rationalisation seeks to curb excessive margins in the distribution and retail channels without denting legitimate manufacturing revenues or causing artificial shortages. Further, pharmaceutical companies have been directed to maintain their current production and supply levels for the notified formulations to guarantee uninterrupted and timely access to vital medicines for patients across the country.
The CNX Nifty is currently trading at 22945.45, down by 200.70 points or 0.87% after trading in a range of 22922.95 and 23175.25. There were 12 stocks advancing against 38 stocks declining on the index.
The top gainers on Nifty were JSW Steel up by 2.15%, Eicher Motors up by 1.11%, State Bank of India up by 1.03%, Larsen & Toubro up by 0.88% and Adani Ports & SEZ up by 0.87%. On the flip side, Axis Bank down by 4.35%, Infosys down by 2.43%, HDFC Bank down by 2.39%, Tata Motors Passenger down by 2.14% and Trent down by 2.11% were the top losers.
Asian markets were trading mixed; Jakarta Composite plunged 249.75 points or 4.82% to 4,935.36, Taiwan Weighted lost 289.18 points or 0.62% to 46,822.08 and Nikkei 225 slipped 414.29 points or 0.64% to 64,910.00, while KOSPI increased 99.96 points or 1.73% to 5,768.01, Straits Times rose 9.47 points or 0.17% to 5,425.00 and Shanghai Composite strengthened 14.64 points or 0.39% to 3,730.92.
