The Nifty traded below the 23,800 level. PSU bank extended losses for the second consecutive trading session.

At 10:26 IST, the barometer index, the S&P BSE Sensex, tanked 2,222 points or 2.81% to 76,701.20. The Nifty 50 index fell 672.15 points or 2.75% to 23,778.30.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index dropped 2.91% and the BSE 250 SmallCap Index slumped 3.20%.

The market breadth was weak. On the BSE, 650 shares rose and 3,240 shares fell. A total of 220 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 21.55% to 24.17.

Buzzing Index:

The Nifty PSU Bank index tanked 5.63% to 8,667. The index dropped 7.52% in two consecutive trading sessions.

Bank of India (down 6.08%), Bank of Maharashtra (down 6.07%), State Bank of India (down 6.04%), Union Bank of India (down 5.87%), Canara Bank (down 5.39%), Indian Bank (down 5.24%), Punjab National Bank (down 5.04%), UCO Bank (down 4.78%), Central Bank of India (down 4.71%) and Bank of Baroda (down 4.42%) declined.

Stocks in Spotlight:

Kwality Walls (India) dropped 5.10% after the company's standalone net loss widened to Rs 178.38 crore in Q3 FY26 compared with net loss of Rs 100.16 crore in Q2 FY26. Revenue from operations fell 30.23% YoY to Rs 222.34 crore in Q3 FY26.

Lupin declined 1.84% after the US Food and Drug Administration (US FDA) concluded an inspection of its manufacturing facility in Ankleshwar, India, issuing a Form 483 with two observations.

3C IT Solutions and Telecoms (India) added 1.08% after the company has announced that it has received a purchase order worth Rs 3.21 crore for the supply of Lenovo laptops from Credence Infotech.

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