Benchmark indices Nifty and Sensex were off to a sluggish start on the bourses on November 7, snapping their two-day gaining streak as investors entered into a wait-and-watch mode ahead of the US Fed's FOMC meeting to decide its new benchmark interest rate decision. This comes just a day after Donald Trump became the new president.

At about 9:20 am, the Sensex was down 320.32 points or 0.40 percent at 80,057.81, and the Nifty was down 110.30 points or 0.45 percent at 24,373.70. About 1808 shares advanced, 994 shares declined, and 103 shares unchanged.

"There is an expectation of a 25 basis points rate cut by the Fed committee. We expect markets to see a near-term bounce back due to positive sentiments globally," says Siddhartha Khemka, Head of Research and Wealth Management at Motilal Oswal.

The broader markets showcased a mixed performance as the two remained largely flat in the opening trade. The broader markets have gained almost 25 percent since the start of the year, comfortably outpacing the Nifty's gain of 13 percent. The VIX, also known as the volatility index, flared up over 2 percent to hover above the 15 levels.

Apollo Hospitals rallied almost 6 percent to top the Nifty index after the company reported a 59 percent increase in consolidated net profit to Rs 395.70 crore for the September 2024 quarter. The robust performance was driven by stronger demand for its healthcare services. Revenue rose to Rs 5,589.3 crore in the reported period, up from Rs 4,846.9 crore a year earlier.

Tata Steel was buzzing in trade, rising over a percent, after the Tata group firm's profit swung back into the black for the September quarter. The company reported a consolidated net profit of Rs 759 crore for the quarter ended September 30, 2024, returning to profit after posting a net loss of Rs 6,511 crore in the year-ago period.

"The recent price action signifies an initial sign of trend reversal. However, one must refrain from being carried away as a decisive breakout above 24,500 is yet to happen, which may further propel the index towards 24,700-24,800 in the comparable period. On a positive note, we're seeing a constructive upward shift in the support level around 24200, which is likely to provide stability against any intraday fluctuations during the weekly settlement session for Nifty," Sameet Chavan, Head of Technical and Derivative Research at Angel One, said.

Among sectors, Nifty Metal and Energy were the top losers, falling 0.5 percent and 1 percent, respectively. Nifty Healthcare, Pharma, and IT were the top gainers rising to a percent. This comes after Apollo Hospitals reported a robust Q2 and became the top gainer on the Nifty. Nifty IT extended gains for a second session, hoping for a Fed rate cut later today.

Apollo Hospitals, Tata Steel, HCL Tech, Tech Mahindra, and TCS were among the major gainers on the Nifty, while Hindalco, Adani Enterprises, BPCL, Bharat Electronics, and Nestle were losers.