As per provisional closing data, the barometer index, the S&P BSE Sensex shed 551.07 points or 0.83% to 65,877.02. The Nifty 50 index lost 140.40 points or 0.71% to 19,671.10.

In the broader market, the S&P BSE Mid-Cap index slipped 0.85% while the S&P BSE Small-Cap index declined 0.32%.

The market breadth was weak. On the BSE, 1,454 shares rose and 2,247 shares fell. A total of 142 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 2.82% to 11.

Stocks in Spotlight:

Bajaj Finance slipped 2.85%. The non-banking financial company reported 27.7% jump in consolidated net profit to Rs 3,550.80 crore on a 34.16% increase in total income to Rs 13,381.75 crore in Q2 FY24 as compared with Q2 FY23.

Meanwhile, the company has entered into a binding term sheet with Pennant Technologies, a technology product company, for acquisition of up to 26% equity stake on a fully diluted basis for an aggregate amount of approximately Rs 267.50 crore. The transaction is expected to be completed on or before 30 December 2023, subject to satisfaction of the conditions to be set out in the definitive agreements to be entered.

L&T Technology Service dropped 5.82%. The company's consolidated net profit rose marginally to Rs 315.4 crore in Q2 FY24 as against Rs 311.1 crore recorded in Q1 FY24. Revenue from operations grew by 3.7% quarter on quarter (QoQ) to Rs 2,386.5 crore in Q2 FY24.

Titan Company shed 0.75%. The Tata Group company on Tuesday announced that its board has approved a proposal to raise upto Rs 2,500 crore via unsecured non-convertible debentures (NCDs).

ICICI Prudential Life Insurance Company declined 2.28%. The life insurer's net profit jumped 22.4% to Rs 244.25 crore in Q2 FY24 as against Rs 199.48 crore posted in Q2 FY23. Total income dropped 22.3% year on year to Rs 17,952.98 in the quarter ended 30 September 2023.

IRCTC shed 1.36% while Zomato fell 1.27%. IRCTC has tied up with Zomato for supply and delivery of preordered meals through IRCTC's E-catering portal as a Proof of Concept (PoC) in the first phase at five Railway stations i.e. New Delhi, Prayagraj, Kanpur, Lucknow & Varanasi.

Orient Cement spurted 7.55% amid media reports that the company's promoter, CK Birla, has approached Gautam Adani to sell his stake. According to the media reports, CK Birla has approached Gautam Adani to sell his promoter stake in Orient Cement. Executives from both sides have reportedly met to discuss the potential deal. If this transition occurs, it could trigger an open offer for an additional 26% stake, as per takeover laws.

CIE Automotive India declined 2.31%. The company reported 119.08% increase in consolidated net profit to Rs 375.41 crore in Q2 FY24 from Rs 171.36 crore in Q2 FY23. Net sales during the quarter rose 2.24% YoY to Rs 2,279.41 crore.

VST Industries declined 1.77%. The cigarette maker's net profit slipped 17.6% to Rs 75.95 crore in Q2 FY24 as against Rs 92.16 crore recorded in Q2 FY23. Net sales (excluding excise duty) rose marginally to Rs 348.10 crore from Rs 343.39 crore posted in the same period last year.

Global Markets:

Markets in Europe declined across the board while Asian stocks ended mixed on Wednesday as a blast at a Gaza hospital dealt a blow to hopes for containing the crisis.

Economic data from China showed stronger-than-expected growth. China posted 4.9% growth in the July to September quarter from a year earlier, according to a release from China's National Bureau of Statistics on Wednesday. However, this figure was lower than the 6.3% year-on-year expansion seen in the second quarter.

US stocks closed near the flat line on Tuesday as investors analyzed the latest bond yield moves and the corporate earnings season gained steam.

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