At 11:30 IST, the barometer index, the S&P BSE Sensex, tumbled 404.42 points or 0.46% to 84,596.03. The Nifty 50 index fell 117.60 points or 0.45% to 25,937.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index was flat, while the S&P BSE Small-Cap index slipped 0.06%.

The market breadth was negative. On the BSE, 1,793 shares rose and 2,062 shares fell. A total of 208 shares were unchanged.

US-China trade deal

US President Donald Trump said his meeting with Chinese Premier Xi Jinping was 'amazing,' adding that both sides reached consensus on several key issues. Trump stated that China would immediately resume purchases of soybeans and continue exports of rare earth materials to the US. He further said the US would reduce tariffs on Chinese goods to 47% from 57%, indicating that a trade deal between the two nations would be signed 'soon.'

Additionally, Trump agreed to reduce tariffs on China pertaining to fentanyl-related products to 10%.

Buzzing Index:

The Nifty Metal index declined 0.73% to 11,857.20. The index shed 0.45% in the past trading session.

Steel Authority of India (down 2.88%), Jindal Stainless (down 2.55%), Hindustan Copper (down 1.68%), Vedanta (down 1.68%), National Aluminium Company (down 1.3%), Tata Steel (down 1.21%), APL Apollo Tubes (down 1.2%), Hindustan Zinc (down 1.18%), NMDC (down 0.91%) and Jindal Steel (down 0.7%) tumbled.

Stocks in Spotlight:

Vaibhav Global soared 12.30% after the company's consolidated net profit climbed 71.04% to Rs 47.55 crore on 10.16% jump in revenue from operations to Rs 877.31 crore in Q2 FY26 over Q2 FY25.

Larsen & Toubro added 2.01% after the company reported a 15.6% jump in consolidated net profit to Rs 3,926.09 crore on 10.4% increase in revenue from operations to Rs 67,983.53 crore in Q2 FY26 over Q2 FY25.

Global Markets:

Asia-Pacific markets traded mixed on Thursday, after U.S. Federal Reserve Chair Jerome Powell indicated that a rate cut in December was far from a 'foregone conclusion.'

The US Fed on Wednesday slashed the benchmark federal funds rate by 25 basis points, as expected, to bring it to 3.75%-4%.

Japan's central bank kept its benchmark interest rate unchanged at 0.5% in its first policy meeting after Sanae Takaichi assumed office as prime minister earlier this month.

Inflation in Japan has remained above the Bank of Japan's 2% target for the 41st consecutive month.

Investors await signals from the first in-person meeting between U.S. President Donald Trump and Chinese President Xi Jinping since Trump began his second term.

Overnight in the U.S., the Dow Jones Industrial Average closed lower Wednesday after Powell's remarks, having hit a record high earlier in the session.

The Dow Jones Industrial Average closed down 0.2% at 47,632.00, while the S&P 500 ended marginally lower at 6,890.59. However, the Nasdaq Composite gained 0.55% to a fresh record close of 23,958.47, supported by gains in Nvidia.

Powered by Capital Market - Live News