The headline equity barometers traded with small cuts in mid-afternoon trade, amid weak global cues. Investors turned cautious after the latest US jobs data failed to offer clarity on the Federal Reserve's rate-cut trajectory, keeping global markets on edge. The Nifty traded below the 26,200 level.

Financial services shares fell after advancing in the past two consecutive trading session.

At 14:27 IST, the barometer index, the S&P BSE Sensex, slipped 132.43 points or 0.15% to 85,500.25. The Nifty 50 index lost 43.45 points or 0.16% to 26,151.50.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.86% and the S&P BSE Small-Cap index dropped 0.83%.

The market breadth was weak. On the BSE, 1,349 shares rose and 2,733 shares fell. A total of 200 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 11.78% to 13.57.

Economy:

The HSBC Flash India Composite Output Index registered 59.9 in November, remaining well above the neutral 50.0 mark and its long-run average of 54.9, indicating continued strong expansion despite easing from 60.4 in October to a six-month low. The moderation in overall growth was driven by a softer rise in manufacturing output, with some firms reporting subdued new orders, while services activity strengthened compared with the previous month. The HSBC Flash India Services PMI Business Activity Index also improved, rising to 59.5 in November from 58.9 in October.

The HSBC Flash India Manufacturing PMI fell from 59.2 in October to 57.4 in November, signalling the slowest improvement in nine months but still reflecting expansion. Meanwhile, the HSBC Flash India Manufacturing PMI Output Index stood at 60.7 in November, down from 63.7 in October.

Buzzing Index:

The Nifty Financial services index fell 0.71% to 27,664.70. The index rose 1.14% in the past two consecutive trading sessions.

Cholamandalam Investment & Finance Company (down 2.57%), Bajaj Finance (down 1.86%), LIC Housing Finance (down 1.52%), Bajaj Finserv (down 1.15%), ICICI Bank (down 1.12%), Muthoot Finance (down 1.1%), Jio Financial Services (down 1.01%), ICICI Prudential Life Insurance Company (down 0.81%), ICICI Lombard General Insurance Company (down 0.75%) and REC (down 0.71%) declined.

On the other hand, SBI Cards & Payment Services (up 0.58%), Kotak Mahindra Bank (up 0.48%) and Shriram Finance (up 0.17%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was down 0.11% to 6.529 as compared with previous close 6.536.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 88.7300 compared with its close of 88.6850 during the previous trading session.

MCX Gold futures for 5 December 2025 settlement slipped 0.53% to Rs 1,22,080.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.14% to 99.96.

The United States 10-year bond yield declined 0.68% to 4.077.

In the commodities market, Brent crude for January 2025 settlement lost 76 cents or 1.20% to $62.62 a barrel.

Stocks in Spotlight:

H.G. Infra Engineering rose 0.06%. The company has announced the incorporation of a wholly owned subsidiary, H.G. Clean Energy Solutions, on 20 November 2025.

Dugar Housing Developments rose 1% after the company appointed Senthil Kumar Bellan as its chief financial officer (CFO), effective 21 November 2025.

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