Sensex slides 252 pts; broader mrkt underperformed; realty shares drop

The headline equity benchmarks traded with modest losses in the mid-morning trade. Nifty traded below the 24,400 level. Realty shares declined after advancing in the past trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 251.77 points or 0.31% to 80,543.70. The Nifty 50 index lost 89.70 points or 0.37% to 24,371.45.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.11% and the S&P BSE Small-Cap index declined 0.98%.

The market breadth was weak. On the BSE, 1,030 shares rose and 2,567 shares fell. A total of 167 shares were unchanged.

Buzzing Index:

The Nifty Realty index dropped 1.66% to 872.60. The index rose 0.66% in the past trading session.

Godrej Properties (down 3.25%), Sobha (down 2.06%), Prestige Estates Projects (down 1.66%), Raymond (down 1.65%), Oberoi Realty (down 1.31%), Anant Raj (down 1.14%), DLF (down 1.12%), Macrotech Developers (down 0.97%), Brigade Enterprises (down 0.77%) and Phoenix Mills (down 0.58%) declined.

Stocks in Spotlight:

Hind Rectifiers rallied 3.46% after the company's net profit zoomed 98.24% to Rs 10.15 crore on a 22.18% increase in total income to Rs 185.39 crore in Q4 FY25, compared to Q4 FY24.

Computer Age Management Services slipped 3.33%. The company had reported 10.2% increase in consolidated net profit to Rs 114.02 crore on a 14.7% rise in revenue from operations to Rs 356.17 crore in Q4 FY25 over Q4 FY24.

Cigniti Technologies advanced 2.55% after the company's consolidated net profit increased 100.08% to Rs 73.15 crore in Q4 FY25 as against 63.56 crore in Q3 FY24.

Global Markets:

Most Asian stocks ticked higher on Tuesday as investors sifted through the latest whispers on U.S. trade moves and a weakening dollar. Japan and South Korea, meanwhile, hit the snooze button for public holidays.

India may be angling for a tariff truce, reportedly floating a zero-duty deal on steel, auto parts, and pharma goodies'provided the favor is returned. Over in Malaysia, officials said the U.S. is game for more talks and might even consider trimming tariffs.

Adding to the optimism, U.S. Treasury Secretary Scott Bessent chimed in Monday, saying deals were 'very close''a tune President Trump had already been humming over the weekend.

Meanwhile, China's markets reopened post-Labor Day to a slightly more diplomatic mood between Washington and Beijing.

China's Caixin Services PMI clocked in at 50.7 for April'a seven-month low and a step down from March's 51.9. Still above the 50-mark (which separates growth from contraction), but just barely.

Across the Pacific, U.S. stocks dipped slightly on Monday as investors braced for the Federal Reserve's next move. Energy stocks led the decline, with Wall Street adopting a 'wait-and-see' stance amid shifting trade winds.

The Dow Jones edged down 0.24%, while the S&P 500 fell 0.64% and NASDAQ slipped 0.74%. Investors are eyeing the Fed's two-day policy meeting starting Tuesday, with an interest rate verdict expected Wednesday.

Oil majors Exxon Mobil and Chevron both took hits as crude prices tumbled to a four-year low. Blame it on OPEC+ deciding to pump more oil for the second month running.

Skechers USA shares sprinted up over 24% after the company agreed to a $9.4 billion buyout by 3G Capital. Berkshire Hathaway stumbled 5% after reporting a 14% drop in Q1 operating earnings.

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