At 14:28 IST, the barometer index, the S&P BSE Sensex, dropped 746.68 points or 0.87% to 85,965.69. The Nifty 50 index tanked 267.15 points or 1.02% to 25,919.30.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index tanked 2.02% and the S&P BSE Small-Cap index fell 2.31%.

The market breadth was weak. On the BSE, 819 shares rose and 3,418 shares fell. A total of 203 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 10.30% to 11.38.

Buzzing Index:

The Nifty Metal index declined 1.96% to 10,137.90. The index rose 0.73% in the previous two consecutive trading session.

JSW Steel (down 3.42%), Welspun Corp (down 2.67%), NMDC (down 2.67%), Adani Enterprises (down 2.61%), Steel Authority of India (down 2.54%), Vedanta (down 2.48%), APL Apollo Tubes (down 2.35%), Hindustan Copper (down 2.06%), Tata Steel Ltd (down 2%) and National Aluminium Company (down 1.83%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper jumped 0.88% to 6.557 compared with previous session close of 6.500.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 90.1725 compared with its close of 89.9525 during the previous trading session.

MCX Gold futures for 5 February 2025 settlement rose 0.09% to Rs 130,584.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.04% to 98.95.

The United States 10-year bond yield added 0.22% to 4.149.

In the commodities market, Brent crude for January 2025 settlement rose 8 cents or 0.13% to $63.83 a barrel.

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