At 12:30 IST, the barometer index, the S&P BSE Sensex, slipped 124.33 points or 0.15% to 85,508.35. The Nifty 50 index lost 43.25 points or 0.17% to 26,148.50.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.81% and the S&P BSE Small-Cap index dropped 0.78%.

The market breadth was weak. On the BSE, 1,326 shares rose and 2,642 shares fell. A total of 193 shares were unchanged.

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, signaling 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.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 12.03% to 13.60. The Nifty 25 November 2025 futures were trading at 26,160, at a premium of 11.5 points as compared with the spot at 26,148.50.

The Nifty option chain for the 25 November 2025 expiry showed a maximum call OI of 185.1 lakh contracts at the 26,200 strike price. Maximum put OI of 193.8 lakh contracts was seen at 26,000 strike price.

Buzzing Index:

The Nifty Realty index fell 1.49% to 909.05. The index fell 3.84% in the four consecutive trading sessions.

Lodha Developers (down 2.33%), Prestige Estates Projects (down 2.25%), Oberoi Realty (down 2.04%), Brigade Enterprises (down 2.03%), Sobha (down 1.9%), Godrej Properties (down 1.65%), DLF (down 1.48%), Anant Raj (down 1.07%), SignatureGlobal India (down 0.69%), and Phoenix Mills (down 0.12%) fell.

Stocks in Spotlight:

Billionbrains Garage Ventures (Groww) rallied 5.16% after the company's consolidated net profit jumped 12.18% to Rs 471.33 crore despite a 9.48% decline in revenue from operations to Rs 1,018.74 crore in Q2 FY26 over Q2 FY25.

RMC Switchgears rose 2.37% after the company received a letter of intent (LoI) worth Rs 27.77 crore from Rajasthan Rajya Vidyut Prasaran Nigam (RRVPNL).

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