At 11:30 IST, the barometer index, the S&P BSE Sensex fell 233.84 points or 0.30% to 78,547.28. The Nifty 50 index lost 71.75 points or 0.30% to 23,923.60.

In the broader market, the S&P BSE Mid-Cap index fell 0.56% and the S&P BSE Small-Cap index shed 0.10%.

The market breadth was positive. On the BSE, 2,130 shares rose and 1,610 shares fell. A total of 145 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Sagility India received bids for 3,10,67,500 shares as against 38,70,64,594 shares on offer, according to stock exchange data at 11:20 IST on Tuesday (05 November 2024). The issue was subscribed 0.08 times.

The issue opened for bidding on Tuesday (05 November 2024) and it will close on Thursday (07 November 2024). The price band of the IPO is fixed between Rs 28 to Rs 30 per share. An investor can bid for a minimum of 500 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Pharma index fell 0.49% to 22,528.25. The index slipped 1.22% in two consecutive past trading sessions.

Lupin (down 2.91%), Zydus Lifesciences (down 2.72%), Mankind Pharma (down 2.25%), Divis Laboratories (down 2.13%), Aurobindo Pharma (down 2.1%), Alkem Laboratories (down 2.08%), Torrent Pharmaceuticals (down 1.18%), Granules India (down 1.17%), Dr Reddys Laboratories (down 0.95%) and Abbott India (down 0.88%) declined.

On the other hand, Gland Pharma (up 12.08%), Ajanta Pharma (up 3.09%) and J B Chemicals & Pharmaceuticals (up 1.48%) edged higher.

Stocks in Spotlight:

Bata India shed 0.44%. The company’s consolidated net profit jumped 52.89% to Rs 51.97 crore in Q2 FY25 as against Rs 33.99 crore posted in Q2 FY24. Revenue from operations rose 2.19% year on year (YoY) to Rs 837.14 crore in the quarter ended 30 September 2024.

Gland Pharma surged 12.06% after the company’s net profit increased 9.39% to Rs 281.71 crore on 5.18% rise in revenue from operations to Rs 1,062.99 crore in Q2 FY25 over Q1 FY25.

Tilaknagar Industries soared 16.58% after the firm’s consolidated net profit surged 57.21% to Rs 58.23 crore on 9.75% rise in revenue from operations to Rs 823.32 crore in Q2 FY25 over Q2 FY24.

Global Markets:

Most Asian shares traded mixed on Tuesday as investors remained cautious ahead of the closely watched U.S. presidential election later in the day. Chinese markets were buoyed by strong business activity data. Investors are also closely monitoring the meeting of China's National People's Congress this week, anticipating further clues on fiscal spending.

Regional markets took a neutral stance following a negative session on Wall Street. The S&P 500 declined 0.28%, the NASDAQ Composite fell 0.33% and the Dow Jones Industrial Average dropped 0.61%.

The US Federal Reserve's meeting is scheduled for this week, with a 25 basis point rate cut widely expected, following a 50 basis point cut in September.

Third-quarter earnings have delivered mixed results, with a slew of middling big-tech earnings reported last week. Berkshire Hathaway Inc. fell 2% after missing operating earnings estimates. In contrast, data software firm Palantir Technologies Inc. rallied nearly 13% in after-market trading as its earnings surpassed expectations.

Dollar Tree Inc. rose 6.3% after announcing that CEO Rick Dreiling would resign, and Chief Operating Officer Michael Creedon Jr. would take over on an interim basis.