At 10:27 IST, the barometer index, the S&P BSE Sensex, dropped 879.91 points or 1.16% to 75,154.53. The Nifty 50 index fell 303.65 points or 1.28% to 23,335.65.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index tumbled 2.21% and the BSE 250 SmallCap Index slumped 2.20%.

The market breadth was weak. On the BSE, 961 shares rose and 2,708 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, added 1.98% to 22.95.

Buzzing Index:

The Nifty Metal index tumbled 4.14% to 11,372.85. The index rose 0.35% in the past trading session.

National Aluminium Company (down 6.15%), Hindalco Industries (down 4.94%), Hindustan Zinc (down 4.25%), Vedanta (down 4.01%) and Jindal Steel (down 3.92%) were the top losers. Among the other losers were Hindustan Copper (down 3.67%), Tata Steel (down 3.53%), Lloyds Metals & Energy (down 3.43%), APL Apollo Tubes (down 3.36%) and Steel Authority of India (down 3.16%) declined.

Stocks in Spotlight:

Kalpataru rallied 8.44% after the company announced the signing of a redevelopment project at a prime location in Andheri West, with gross development value (GDV) of Rs 1,400 crore.

Avenue Supermarts rose 0.95%. The company announced the opening of two new stores in Bavdhan, Pune in Maharashtra and Chilakaluripeta in Palnadu district of Andhra Pradesh.

Gravita India slipped 3.53%. The company said that it has signed definitive agreements for acquisition of 98.95% stake of Rashtriya Metal Industries (RMIL) for a total consideration of Rs 559.08 crore.

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