Nifty drops below 25,550 mark; metal shares decline

The key equity indices traded with moderate losses in the mid-morning trade as investors entered into profit booking, overshadowing positive global cues. However, market participants remained focused corporate earnings, global cues, FII outcome and crude oil prices. The Nifty hovered below the 25,550 mark after touching days high of 25,679.15 in early trade.

Metal shares witnessed selling pressure for the second consecutive trading sessions.

At 11:25 IST, the barometer index, the S&P BSE Sensex declined 57.29 points or 0.07% to 83,401.86. The Nifty 50 index fell 61.70 points or 0.23% to 25,536.60.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.82%, while the S&P BSE Small-Cap index dropped 1.25%.

The market breadth was weak. On the BSE, 1,138 shares rose and 2,782 shares fell. A total of 198 shares were unchanged.

Economy:

The seasonally adjusted HSBC India Services PMI Business Activity Index stood at 58.9 in October, comfortably above both the neutral mark of 50.0 and its long-run average of 54.3. October data showed softer, although still substantial, expansions in Indian services output and new business. While factors like demand buoyancy and GST (Goods and Services Tax) relief reportedly led to an improvement in operating conditions, competition and heavy rains constrained growth.

HSBC India Composite PMI Output Index fell to 60.4 in October from 61.0 in September. There was also a weaker, albeit still substantial, upturn in aggregate sales. The rate of expansion was the softest in five months. For new orders and output, the slowdowns in growth were centred on the service economy as manufacturers actually registered quicker rates of expansion.

IPO Update:

Billionbrains Garage Ventures (Groww) received bids for 36,87,72,750 shares as against 36,47,76,528 shares on offer, according to stock exchange data at 11:20 IST on Thursday (6 November 2025). The issue was subscribed 1.01 times. The issue opened for bidding on 4 November 2025 and it will close on 7 November 2025. The price band of the IPO is fixed between Rs 95 and 100 per share.

Buzzing Index:

The Nifty Metal index tumbled 1.87% to 10,302.25. The index declined 3.29% in the two consecutive trading sessions.

Hindalco Industries (down 7.06%), Adani Enterprises (down 3.26%), Hindustan Copper (down 2.39%), National Aluminium Company (down 1.85%), Jindal Steel (down 1.79%), Lloyds Metals & Energy (down 1.48%), NMDC (down 1.45%), Hindustan Zinc (down 1.32%), JSW Steel (down 1.14%) and Tata Steel (down 0.96%) tumbled.

Stocks in Spotlight:

Gujarat Pipavav Port jumped 6.51% after the company posted a strong set of numbers for the September 2025 quarter. Revenue from operations rose 31.9% year-on-year to Rs 299.35 crore, compared with Rs 227.04 crore in Q2 FY25. Adjusted net profit (PAT) jumped 70.1% YoY to Rs 128.44 crore, compared with Rs 75.49 crore in the year-ago quarter, and 23.1% higher sequentially from Rs 104.33 crore in Q1 FY26.

Avanti Feeds advanced 1.90% after the companys consolidated net profit jumped 34.87% to Rs 153.29 crore in Q2 FY26 as against Rs 113.65 crore in Q2 FY25. Revenue from operations increased 19.04% year on year to Rs 1,609.69 crore in the quarter ended 30 September 2025.

Garden Reach Shipbuilders & Engineers rose 1.35% after its standalone net profit surged 57.28% to Rs 153.78 crore in Q2 FY26, compared with Rs 97.77 crore in Q2 FY25. Revenue from operations jumped 45.48% YoY to Rs 1,677.38 crore during the quarter ended 30 September 2025.

Global Markets:

Asia-Pacific markets rose Thursday, tracking Wall Street gains after AMDs third-quarter earnings beat lifted artificial intelligence stocks.

U.S. equity futures were little changed in early Asian hours after the Supreme Court expressed skepticism over President Donald Trumps tariffs, and as AI stocks recovered following a sell-off on valuation concerns.

Overnight, the Dow Jones Industrial Average gained 225.76 points, or 0.48%, to close at 47,311.00. The S&P 500 rose 0.37% to finish at 6,796.29, while the Nasdaq Composite advanced 0.65% to settle at 23,499.80.

Investors were paying attention to the Supreme Court hearing Wednesday regarding President Donald Trumps tariffs. At issue is whether the president had the authority to impose such duties under the International Emergency Economic Powers Act, or IEEPA.

The high courts justices focused their questions on the legality of the sweeping tariffs, with both conservative and liberal members asking Solicitor General D. John Sauer about the Trump administrations justification.

Equity investors received some encouraging data on the economy Wednesday with better ADP payrolls data and a stronger ISM services economy reading.

Payroll growth at private companies turned slightly stronger than expected in October, providing some hope that the labor market isnt in danger of sinking, ADP reported Wednesday. Companies added 42,000 jobs for the month, following a decline of 29,000 in September. A revision for September showed 3,000 fewer jobs lost, the payrolls processing firm said.

Service-sector activity picked up in October, pushed by new orders and general business activity as imports receded, the Institute for Supply Management reported Wednesday.

The ISM services index rose to 52.4%, up from Septembers 50%, which is the breakeven point for overall expansion for the measure.

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