At 09:26 IST, the barometer index, the S&P BSE Sensex, was down 138.75 points or 0.21% to 65,490.49. The Nifty 50 index lost 45.70 points or 0.23% to 19,579.

In the broader market, the S&P BSE Mid-Cap index shed 0.13% while the S&P BSE Small-Cap index added 0.33%.

The market breadth was strong. On the BSE, 1,577 shares rose and 984 shares fell. A total of 120 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,093.47 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 736.15 crore in the Indian equity market on 19 October, provisional data showed.

Stocks in Spotlight:

ITC fell 1.29%. The company reported 10.3% increase in consolidated net profit to Rs 4927 crore on 2.4% increase in net revenue to Rs 16357 crore in Q2 FY24 over Q2 FY23.

Hindustan Unilever (HUL) declined 1.84%. The FMCG major reported 3.86% increase in consolidated net profit to Rs 2,717 crore on 3.53% increase in revenue from operations to Rs 15,027 crore in Q2 FY24 over Q2 FY23. Hindustan Unilever (HUL) delivered Underlying Volume Growth (UVG) of 2% in Q2 FY24.

Zomato rose 0.76%. Softbank is reportedly planning to sell around 1.1% stake in Zomato and mop up around Rs 1,000 crore via the block deal route.

Tata Motors advanced 1.05% after the company and Freight Commerce Solutions (freight Tiger) have signed a securities subscription agreement (SSA) and a shareholders agreement (SHA) for the acquisition of 26.79% stake in freight Tiger for a consideration of Rs 150 crore. The SSA also includes a provision enabling Tata Motors to further invest Rs 100 crore over the next two years, at the then prevailing market value.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose 0.04% to 7.372 from its previous close of 7.369.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1950, compared with its close of 83.1300 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement advanced 0.45% to Rs 60,591.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 106.25.

The United States 10-year bond yield fell 0.92% to 4.945.

In the commodities market, Brent crude for December 2023 settlement rose 91 cents or 0.99% to $93.29 a barrel.

Global markets:

Asian stocks are trading lower Friday, extending losses from Thursday's broad sell-off. China's central bank kept its benchmark loan rates unchanged for October. The People's Bank of China kept its one-year loan prime rate unchanged at 3.45%. The five-year benchmark loan rate was held at 4.2%.

US stocks ended lower on Thursday as Powell's comments and rising bond yields weighed on markets. U.S. Federal Reserve Chair Jerome Powell said inflation was still too high and would likely require lower economic growth. Powell also added that monetary policy was not yet too tight. The benchmark 10-year Treasury yield traded as high as 4.996% on Thursday, inching closer to the well-followed 5% level that was last crossed in 2007.