Barometers trade with minor cuts; pharma shares slide

The domestic equity indices traded with small losses in the early-afternoon trade. The Nifty traded below the 25,600 level. Pharma shares declined after advancing in the past trading session.

At 12:30 ST, the barometer index, the S&P BSE Sensex, declined 102.64 points or 0.12% to 83,432.71. The Nifty 50 index fell 18.75 points or 0.08% to 25,556.55.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.30% and the S&P BSE Small-Cap index fell 0.33%.

The market breadth was weak. On the BSE, 1,637 shares rose and 2,320 shares fell. A total of 218 shares were unchanged.

US-India Trade Deal:

Hints of a potential trade breakthrough with the US emerged from the White House on Monday as President Donald Trump reportedly said that Washington and New Delhi are moving closer to finalising a new trade agreement, adding that the US would eventually bring down tariffs on India. Trump's remarks came during the swearing-in ceremony of Sergio Gor, the new US Ambassador to India, at the Oval Office.

"Were making a deal with India. Much different than we had. Right now they dont love me but they will love us again. Were getting a fair deal. Theyre very good negotiators, so Sergio, you will have to take a look at that. I think were pretty close to doing a deal that is good for everybody," the President reportedly said during the ceremony.

Speaking to reporters later, Trump reportedly responded to questions on whether the US would consider lowering tariffs on Indian imports. Well, right now, the tariffs are very high on India because of the Russian oil, and theyve stopped doing the Russian oil. Its been reduced very substantially. Yeah, were going to be bringing the tariffs down. At some point, were going to be bringing them down, he reportedly stated.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.45% to 12.73. The Nifty 25 November 2025 futures were trading at 25,660 at a premium of 103.45 points as compared with the spot at 25,556.55.

The Nifty option chain for the 25 November 2025 expiry showed a maximum call OI of 74.9 lakh contracts at the 26,000 strike price. Maximum put OI of 45.7 lakh contracts was seen at the 25,000 strike price.

Buzzing Index:

The Nifty pharma index slipped 0.31% to 22,309.85. The index rose 0.95% in the past trading session.

Divis Laboratories (down 2.4%), Laurus Labs (down 2.35%), Wockhardt (down 1.81%), Ipca Laboratories (down 1.51%), Zydus Lifesciences (down 1.09%), Piramal Pharma (down 0.91%), Gland Pharma (down 0.79%), Mankind Pharma (down 0.75%), Lupin (down 0.55%) and Alkem Laboratories (down 0.48%) declined.

On the other hand, Biocon (up 1.23%), J B Chemicals & Pharmaceuticals (up 0.87%) and Torrent Pharmaceuticals (up 0.85%) edged higher.

Stocks in Spotlight:

G R Infraprojects declined 2.84% after the companys consolidated net profit marginally fell 0.3% to Rs 192.62 crore in Q2 FY26 as against Rs 193.28 crore in Q2 FY25. However, revenue from operations rose 14.9% YoY to Rs 1,602.14 crore in the quarter ended 30 September 2025.

Cello World fell 3.36% after the company has reported 5% rise in net profit to Rs 85.7 crore on a 20% increase in revenue from operations to Rs 587.4 crore in Q2 FY26 as compared with Q2 FY25.

Sula Vineyards slipped 1.87% after the companys consolidated net profit tumbled 58.43% to Rs 6.02 crore on 1.1% fall in revenue from operations to Rs 139.66 crore in Q2 FY26 over Q2 FY25.

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