At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 374.90 points or 0.52% to 72,114.09. The Nifty 50 index dropped 133.80 points or 0.61% to 21,862.05.

In the broader market, the S&P BSE Mid-Cap index dropped 1.12% while the S&P BSE Small-Cap index fell 0.79%.

The market breadth was weak. On the BSE, 1,080 shares rose and 2,287 shares fell. A total of 158 shares were unchanged.

Politics:

India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Earnings Today:

Wipro, HDFC Asset Management Company, Jio Financial Services, Hindustan Zinc, Elecon Engineering, KP Green Engineering, Sejal Glass, Rajnish Wellness, Roselabs Finance, Rajnish Retail, Amal, Benares Hotels, Sybly Industries, and VL E-Governance & IT Solutions will announce their quarterly results later today.

Buzzing Index:

The Nifty Realty index slipped 1.44% to 919.30. The index tumbled 4.33% in five trading sessions.

Phoenix Mills (down 4.36%), Sobha (down 2.57%), Sunteck Realty (down 1.89%), DLF (down 1.83%), Godrej Properties (down 1.45%), Brigade Enterprises (down 1%), Oberoi Realty (down 0.98%), Macrotech Developers (down 0.85%), Mahindra Lifespace Developers (down 0.53%) edged lower.

Stocks in Spotlight:

SJVN declined 2.39%. The company said that its wholly owned subsidiary, SJVN Green Energy has incorporated a joint venture company with Assam Power Distribution Company named, SGEL Assam Renewable Energy.

Dhanlaxmi Bank shed 1.85%. The bank said that the Reserve Bank of India (RBI) has granted its approval for the appointment of Ajith Kumar K.K as the managing director & CEO of the bank for a period of 3 three years.