At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 770.74 points or 1.27% to 60,055.48. The Nifty 50 index lost 261.35 points or 1.44% to 17,866.
The broader market underperformed the headline indices. The S&P BSE Mid-Cap index fell 2.81% while the S&P BSE Small-Cap index slipped 3.55%.
Sellers outnumbered buyers. On the BSE, 407 shares rose and 3,153 shares fell. A total of 72 shares were unchanged.
Numbers to Track:
The yield on India's 10-year benchmark federal paper declined to 7.310 as compared with 7.316 at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.85, compared with its close of 82.79 during the previous trading session.
MCX Gold futures for 3 February 2023 settlement added 0.10% to Rs 54,576.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.10% 104.31.
The United States 10-year bond yield rose 0.45% to 3.687.
In the commodities market, Brent crude for February 2023 settlement rose $1.08 or 1.33% to $82.06 a barrel.
Buzzing Index:
The Nifty Oil & Gas index fell 3.12% to 8,084.90, extending losses for three sessions. The index lost 5.62% in three trading sessions.
Adani Total Gas (down 6.44%), Indraprastha Gas (down 4.52%), Gujarat Gas (down 4.44%), Aegis Logistics (down 4.07%), Mahanagar Gas (down 3.6%), Castrol India (down 3.09%), Indian Oil Corporation (down 2.66%), Oil India (down 2.51%), Reliance Industries (down 2.5%) and GAIL (India) (down 2.39%) slipped.
Stocks in Spotlight:
NTPC declined 1.54% and GE Power India slipped 3.10%. NTPC and GE Power India have signed a memorandum of understanding (MoU)for feasibility to demonstrate technologies to reduce the carbon footprint of NTPC's existing coal fired power plants. The power generation company said that the MoU aims at partnering on research, development and engineering of technologies that will enable the company to reduce the amount of coal fired in their units and gradually replace it by co-firing of 'alternate fuel' such as methanol, biomass, and ammonia in boilers.
Bharat Heavy Electricals (BHEL) tumbled 5.89%. The company said that it has entered into a long-term technology license agreement (TLA) with Sumitomo SHI FW, Finland (SFW) for CFBC Boilers. The TLA is for the design, engineering, manufacturing, erection, commissioning and sale of subcritical as well as supercritical Circulating Fluidised Bed Combustion (CFBC) Boilers in India and in overseas territories except select countries.
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