The Nifty traded below the 24,600 level. Private bank shares extended gains for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, declined 530.13 points or 0.65% to 80,255.40. The Nifty 50 index dropped 147.55 points or 0.59% to 24,565.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.64% and the S&P BSE Small-Cap index slipped 0.57%.

The market breadth was weak. On the BSE, 1,493 shares rose and 2,533 shares fell. A total of 181 shares were unchanged.

Trump Tariffs:

President Trump's secondary U.S. tariffs of 25% on Indian shipments kicked in Wednesday, pushing overall duties on the country's exports to 50%.

A global research house has reportedly stated that the risks to growth for the Indian economy have naturally become more real.

India's top exports to the U.S., which are electrical machinery as well as gems and jewelry, face the largest tariff increases, the report stated. Trade talks between the Indian and U.S. delegations, however, are expected to continue.

Buzzing Index:

The Nifty Private Bank index fell 0.74% to 26,146.80. The index tumbled 2.05% in two consecutive trading sessions.

RBL Bank (down 1.59%), Bandhan Bank (down 1.37%), ICICI Bank (down 1.14%), HDFC Bank (down 1.13%), IndusInd Bank (down 1.01%), Kotak Mahindra Bank (down 0.85%), Yes Bank (down 0.79%), IDFC First Bank (down 0.58%) and Federal Bank (down 0.25%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined 0.50% to 6.584 from the previous close of 6.617.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 87.6125 compared with its close of 87.6950 during the previous trading session.

MCX Gold futures for 3 October 2025 settlement was flat to Rs 101,539.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 98.05.

The United States 10-year bond yield lost 0.38% to 4.221.

In the commodities market, Brent crude for October 2025 settlement lost 46 cents or 0.68% to $66.98 a barrel.

Stocks in Spotlight:

SBI Cards and Payment Services fell 1.39% after a foreign brokerage downgraded its rating on the stock to underweight, cutting the target price to Rs 710 from Rs 1,040 earlier.

Power Mech Projects slipped 2.69%. The company has secured a significant order worth Rs 370.84 crore from Mahan Energen (MEL), a subsidiary of Adani Power, for civil and structural works at its upcoming thermal power project in Madhya Pradesh.

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