The frontline indices traded with modest losses in mid-morning trade. The Nifty slipped below the 24,400 level. Pharma shares extended losses for the third consecutive trading session. Trading was volatile due to weekly F&O series expiry today.

At 11:29 IST, the barometer index, the S&P BSE Sensex slipped 304.77 points or 0.38% to 80,645.67. The Nifty 50 index lost 114.30 points or 0.47% to 24,353.15.

In the broader market, the S&P BSE Mid-Cap index fell 0.23% and the S&P BSE Small-Cap index added 0.04%.

The market breadth was positive. On the BSE, 1,882 shares rose and 1,875 shares fell. A total of 160 shares were unchanged.

Buzzing Index:

The Nifty Pharma index slipped 1.15% to 22,165.90. The index fell 1.26% in three consecutive trading sessions.

Divis Laboratories (down 3.12%), Cipla (down 1.86%), Aurobindo Pharma (down 1.53%), Ajanta Pharma (down 1.5%), Glenmark Pharmaceuticals (down 1.40%), Lupin (down 1.37%), Alkem Laboratories (down 1.3%), Sun Pharmaceuticals Industries (down 0.99%), Biocon (down 0.97%) and J B Chemicals & Pharmaceuticals (down 0.94%) declined.

On the other hand, Granules India (up 3.66%), Laurus Labs (up 1.12%) and Gland Pharma (up 0.97%) turned higher.

Stocks in Spotlight:

Easy Trip Planners advanced 2.08% after the company announced that its board of directors will meet on 8 December 2024 to consider and approve the proposal for issuing fully paid-up equity shares through a preferential issue.

Bondada Engineering rose 2.23% after the company said that it has received a work order worth Rs 108.90 crore from the Bihar Renewable Energy Development Agency under the Mukhyamantri Gramin Solar Street Light Yojana.

Global Markets:

Asian stocks traded mixed on Thursday as investors grappled with ongoing political crises in France and South Korea.

The price of bitcoin soared past the long-awaited $100,000 benchmark for the first time ever late Wednesday evening.

Japanese and Australian equities advanced, while South Korean shares declined after the opposition party initiated impeachment proceedings against President Yoon Suk Yeol following his controversial declaration of martial law.

In France, Prime Minister Michel Barnier's government was ousted by lawmakers just three months after its formation, plunging the country into further political uncertainty. This follows President Macron's failed attempt to secure a parliamentary majority in recent elections, leaving him without a clear path forward.

Meanwhile, US stock markets closed at record highs on Wednesday, driven by strong earnings reports, particularly from Salesforce, and continued optimism surrounding tech giants like NVIDIA.

The S&P 500 rose 0.6% to a record high of 6,086.49 points, while the NASDAQ Composite rose 1.3% to a peak of 19,732.87 points. The Dow Jones Industrial Average ended up 0.7% at a record high of 45,014.04 points.

Federal Reserve Chair Jerome Powell's comments on the US economy also boosted investor sentiment. Powell expressed confidence in the economy's strength and indicated that the Fed may adopt a more cautious approach to future rate cuts.

Market participants are now eagerly awaiting the release of the US nonfarm payrolls report on Friday, which is expected to provide insights into the labor market's health and its potential impact on interest rate policy.