Nifty trades below 25,100 level; pharma shares slide

The key equity indices continued to trade with limited cuts in the mid-morning trade as investors stayed cautious ahead of the U.S. Federal Reserves policy meeting, where the central bank is expected to resume its easing cycle. Market sentiment was also supported by hopes of progress in Indias trade talks with Washington.

The Nifty traded below the 25,100 level. Pharma stocks fell after gaining for four consecutive trading sessions.

At 11:30 ST, the barometer index, the S&P BSE Sensex, fell 52.52 points or 0.06% to 81,851.29. The Nifty 50 index shed 27.05 points or 0.11% to 25,087.40.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.18% and the S&P BSE Small-Cap index added 0.56%.

The market breadth was strong. On the BSE, 2,245 shares rose and 1,700 shares fell. A total of 251 shares were unchanged.

Buzzing Index:

The Nifty Pharma index fell 0.73% to 22,177.90. The index gained 1.43% over the last four consecutive trading sessions.

Dr Reddys Laboratories (down 1.7%), Aurobindo Pharma (down 1.38%), Natco Pharma (down 1.36%), J B Chemicals & Pharmaceuticals (down 1.34%) and Biocon (down 1.23%), Torrent Pharmaceuticals (down 1.16%), Lupin (down 1.05%), Glenmark Pharmaceuticals (down 0.99%), Zydus Lifesciences (down 0.7%) and Cipla (down 0.58%) declined.

On the other hand, Abbott India (up 0.97%), Granules India (up 0.78%) moved up.

Stocks in Spotlight:

Tata Technologies (TTL) added 1.28% after the firms wholly owned subsidiary, Tata Technologies Pte., Singapore has signed a definitive agreement to acquire 100% equity shares in ES-Tec GmbH for total consideration of euro 75 million.

RailTel Corporation of India surged 8.01% after the company received the Letter of Acceptance (LOA) worth Rs 209 crore from State Project Director (SPD) Bihar Education Project Council (BEPC).

Global Markets:

Asia market traded mixed on Monday as investors kept an eye on the talks between the U.S. and China in Spain, and assessed a slate of data from Beijing.

As per reports, U.S. and Chinese officials began talks in Madrid Sunday to discuss key national security, economic, and trade issues, including the upcoming deadline to divest Chinese short video app TikTok and U.S. tariffs.

South Koreas Kospi index rose in early trade to a record high on Monday after Finance Minister Koo Yun-cheol said that the government will scrap its previous plan to raise taxes on stock investments.

In China, retail sales last month rose 3.4% from a year earlier, data from the National Bureau of Statistics showed Monday, slowing from Julys 3.7% growth.

As per reports, the industrial output growth slowed to 5.2% in August, compared to the 5.7% jump in July, marking its weakest level since August 2024.

Fixed-asset investment, reported on a year-to-date basis, expanded just 0.5%, a sharp slowdown from the 1.6% expansion in the January to July period. Within that segment, the contraction in real estate investment worsened, slumping 12.9% in the first eight months, government data reportedly showed.

The major U.S. stock indexes finished mixed on Friday but still posted weekly gains ahead of next Wednesday's interest rate decision from the Federal Reserve.

The tech-heavy Nasdaq Composite (IXIC) rose 0.4% Friday to close at a record high and finish the week 2% higher. The S&P 500 (SPX) dipped 0.1% to post a weekly gain of 1.6%. The Dow Jones Industrial Average (DJI) fell 0.6% but closed the week up 1%.

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