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Headline equity benchmarks traded with significant losses in mid-morning trade, tracking weak global cues, as investors remained cautious ahead of the Union Budget 2026, scheduled to be presented on February 1. Market participants are closely monitoring the rupee's movement, ongoing Q3 corporate earnings, and evolving geopolitical developments for fresh direction. Investor focus is also on quarterly results due later today from key companies such as Bajaj Auto, NTPC, Power Grid Corporation of India, Nestl' India, and Ambuja Cements. Reflecting the subdued sentiment, the Nifty slipped below the 25,300 level during morning trade. IT shares extended losses for the second consecutive trading session. At 11:30 IST, the barometer index, the S&P BSE Sensex dropped 506.85 points or 0.61% to 82,059.52. The Nifty 50 index fell 161.40 points or 0.65% to 25,257.50. In the broader market, the S&P BSE Mid-Cap index is flat and the S&P BSE Small-Cap index fell 0.20%. The market breadth was positive. On the BSE, 2,299 shares rose and 1,562 shares fell. A total of 189 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 4.74% to 14.01. Buzzing Index: The Nifty IT index declined 1.51% to 37,849.65. The index fell 2.26% in two consecutive trading sessions. Infosys (down 2.32%), Oracle Financial Services Software (down 1.63%), MphasiS (down 1.50%), Tech Mahindra (down 1.43%), HCL Technologies (down 1.43%), Wipro (down 1.33%), Tata Consultancy Services (down 0.90%), LTIMindtree (down 0.83%), Persistent Systems (down 0.62%) and Coforge (down 0.61%), declined. Stocks in Spotlight: ITC rose 0.46%. The company reported 5.6% rise in standalone net profit to Rs 4934.80 crore in Q3 FY26 from Rs 5016.72 crore in Q3 FY25. Net sales rose by 6.2% year-on-year to Rs 17857.56 crore during the period under review. One 97 Communications slipped 2.41%. The company reported consolidated net profit of Rs 225 crore in Q3 FY26 as against net loss of Rs 208 crore in Q3 FY25. Revenue from operations during the period under review increased by 20.02% YoY to Rs 2,194 crore Global Markets: Asia market traded mixed on Friday after U.S. President Donald Trump said that he will announce his choice for the next Federal Reserve chair on Friday. Speaking at the premiere of Melania, a film about first lady Melania Trump, he said the five-month search to replace current chair Jerome Powell was nearing its conclusion. The process for selecting Powell's replacement began in September with an 11-candidate field that included past and current Fed officials, economists, and Wall Street investment professionals. Trump also endorsed a Senate deal to fund the vast majority of the federal government through the remainder of the fiscal year, easing near-term political uncertainty for investors. Senators clinched a deal with just over a day until a partial government shutdown. They agreed to remove funding for the Department of Homeland Security from the package and pass the other five bills, while DHS will be funded by a stopgap. Overnight in the U.S., the S&P 500 index slipped 0.13% to close at 6,969.01, while the Nasdaq Composite declined 0.72% to end at 23,685.12. The Dow Jones Industrial Average advanced 0.11%, or 55.96 points, and settled at 49,071.56. Powered by Capital Market - Live News
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