As per provisional closing data, the barometer index, the S&P BSE Sensex dropped 638.45 points or 0.78% to 81,050. The Nifty 50 index slipped 218.85 points or 0.87% to 24,795.75.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 1.85% and the S&P BSE Small-Cap index tumbled 3.27%.

The market breadth was weak. On the BSE, 643 shares rose and 3,416 shares fell. A total of 119 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.74% to 15.08.

Buzzing Index:

The Nifty Media index dropped 3.65% to 1,995.30. The index fell 8.16% in three consecutive trading sessions.

Nazara Technologies (down 5.83%), Network 18 Media & Investments (down 5.62%), Hathway Cable & Datacom (down 4.64%), Zee Entertainment Enterprises (down 4.53%), TV18 Broadcast (down 4.35%), Saregama India (down 3.9%), PVR Inox (down 3.16%), Dish TV India (down 2.99%), Tips Music (down 2.11%) and Sun TV Network (down 2.05%) declined.

Stocks in Spotlight:

Titan Company slipped 2.23%. The Tata Group company reported standalone revenue growth of 25% in second quarter of FY25. The firm also launched 75 new outlets during the quarter, taking its total retail network to 3,171 stores.

Info Edge (India) declined 2.46%. The company announced that its standalone billings increased by 14.29% to Rs 650.3 crore in Q2 FY25 compared with Rs 569 crore in Q2 FY24.

Tata Steel lost 1.56%. The company said that in Q2 FY25, the crude steel production of India division stood at 5.27 million tons (up 5% YoY) and deliveries were 5.10 million tons (up 6% YoY).

Adani Wilmar slipped 1.43%. The FMCG company said that it has achieved robust volume growth of 16% YoY in Q2 FY25.

Kalyan Jewellers shed 0.72%. The jewellery retailer said that its revenue jumped approximately 39% from India operations during Q2 FY25 as compared to Q2 FY24.

Life Insurance Corporation of India (LIC) dropped 4.14%. The company disclosed that the insurance major has increased its stake in Bank of Maharashtra to 7.10% from 4.05% and in Apollo Tyres from 4.983% to 5.030%.

Metropolis Healthcare fell 2.21%. The healthcare service provider said that its revenue jumped around 13% year on year (YoY) in the quarter ended 30 September 2024.

Indusind Bank slipped 1.95%. The private lender's net advances jumped 13% to Rs 3,56,980 crore as of 30 September2024 as compared to Rs 3,15,454 crore as of 30 September2023.

Bank of India fell 3.03%. The bank's domestic deposits increased 12.34% to Rs 6,72,731 crore as on September 2024 compared with Rs 5,98,850 crore posted in September 2023.

IDBI Bank declined 3.91%. The bank said that its total business jumped 15% to Rs 4,78,614 crore in Q2 FY25 as compared with Rs 4,17,936 crore in Q2 FY24.

Federal Bank dropped 4.90%. The bank reported 15.6% growth in total deposits to Rs 2,69,105 crore as of September 2024 as compared with Rs 2,32,868 crore as of September 2023.

Avantel rallied 4.26% after the company reported 42.44% increase in consolidated net profit to Rs 22.89 crore in Q2 FY25 as compared with Rs 16.07 crore in Q2 FY24. The company's revenue from operations jumped 42.5% YoY to Rs 77.42 crore in Q2 FY25.

Antony Waste Handling Cell added 0.51%. The company's wholly owned subsidiary, AG Enviro Infra Projects has secured a contract worth Rs 908 crore for door-to-door C&T of MSW in Navi Mumbai Municipal Corporation (NMMC).

Global Markets:

Dow Jones Futures were down 201 points, indicating a negative opening in the US stocks today.

Most European stocks declined while Asian stocks ended higher on Monday after strong U.S. job growth data, which eased recession concerns and reduced expectations for interest rate cuts.

This week, three central banks are set to announce their interest rate decisions namely, the Bank of Korea, the Reserve Bank of New Zealand, and the Reserve Bank of India.

Short-term U.S. Treasury yields rose after the non-farm payrolls report showed more jobs added than expected in September. Crude oil prices declined slightly despite ongoing tensions in the Middle East.

U.S. stocks rallied on Friday after the positive job report boosted investor confidence in the economy. The S&P 500 rose 0.9%, while the Nasdaq Composite jumped 1.22%. The Dow Jones Industrial Average added 0.81%, to notch an all-time closing high of 42,352.75. Technology stocks like Tesla, Amazon, and Netflix led the gains, while financial stocks also performed well.

Data showed nonfarm payrolls grew by 254,000 jobs in September, far outpacing the forecasted gain of 150,000. The unemployment rate ticked down to 4.1% despite expectations for it to hold steady at 4.2%.

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