At 10:27 IST, the barometer index, the S&P BSE Sensex, tumbled 618.34 points or 0.80% to 72,169.25. The Nifty 50 index slipped 200.85 points or 0.91% to 21,866.35.

In the broader market, the S&P BSE Mid-Cap index declined 1.27% and the S&P BSE Small-Cap index shed 0.83%.

The market breadth was weak. On the BSE, 1,278 shares rose and 2,113 shares fell. A total of 153 shares were unchanged.

New Listing:

Shares of Popular Vehicles and Services were currently trading at Rs 270.80 at 10:14 IST on the BSE, representing a discount of 6.97% as compared with the issue price of Rs 295.

The scrip was listed at Rs 292, exhibiting a discount of 1.02% to the issue price.

So far, the stock has hit a high of 292 and a low of 262.90. On the BSE, over 1.80 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty IT index declined 1.84% to 36,208.05. The index slipped 3.90% in the past three trading session.

Tata Consultancy Services (down 3.27%), L&T Technology Services (down 2.84%), Persistent Systems (down 2.02%), Wipro (down 1.81%), LTIMindtree (down 1.42%), HCL Technologies (down 1.35%), Infosys (down 1.22%), Tech Mahindra (down 1.19%), Mphasis (down 0.94%) and Coforge (down 0.02%) edged lower.

TCS declined 3.27%. Tata Sons, the holding company of TCS, is offering to sell 2.34 crore shares of TCS at a floor price Rs 4,001 per share in block deals worth about Rs 9,300 crore, as per reports.

Stocks in Spotlight:

Paradeep Phosphates dropped 1.87% after the company has shut down the Ammonia and Urea Plants at Goa due to breakdown of Synthesis Gas Compressor.