At 10:26 IST, the barometer index, the S&P BSE Sensex declined 482.18 points or 0.62% to 77,095.02. The Nifty 50 index lost 176.85 points or 0.75% to 23,341.65.
The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index shed 0.81% and the S&P BSE Small-Cap index fell 1.05%.
The market breadth was weak. On the BSE, 1,006 shares rose and 2,642 shares fell. A total of 140 shares were unchanged.
Buzzing Index:
The Nifty PSU Bank index dropped 4.20% to 6,221.45. The index fell 4.79% in two consecutive trading sessions.
Bank of Baroda (down 6.32%), Punjab National Bank (down 5.31%), Canara Bank (down 4.76%), State Bank of India (down 4.74%), Bank of India (down 3.47%), Central Bank of India (down 2.83%), Bank of Maharashtra (down 2.73%), UCO Bank (down 2.68%), Union Bank of India (down 2.47%) and Indian Overseas Bank (down 2.46%) declined.
Stocks in Spotlight:
Tata Power Company shed 0.55%. The company said that it has entered into a strategic partnership with Druk Green Corporation, a subsidiary of Druk Holding and Investments, to develop at least 5,000 megawatts of clean energy generation capacity in Bhutan.
BEML slipped 0.54%. The company said that it has has secured a substantial order worth Rs 246.78 crore from Central Coalfields (CCL).