At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 566.06 points or 0.78% to 72,190.72. The Nifty 50 index lost 1901.80 points or 0.87% to 21,864.90.

In the broader market, the S&P BSE Mid-Cap index slipped 1.21% and the S&P BSE Small-Cap index shed 0.78%.

The market breadth was weak. On the BSE, 1,265 shares rose and 2,313 shares fell. A total of 137 shares were unchanged.

Buzzing Index:

The Nifty FMCG index declined 1.69% 52,998.05. The index slipped 2.14% in the past two trading sessions.

Nestle India (down 3.28%), Colgate-Palmolive (India) (down 3%), Godrej Consumer Products (down 2.86%), United Breweries (down 2.22%), United Spirits (down 2.14%), Britannia Industries (down 2.08%), Tata Consumer Products (down 1.96%), Marico (down 1.92%), Hindustan Unilever (down 1.7%) and Varun Beverages (down 1.57%) declined.

Stocks in Spotlight:

IOL Chemical & Pharmaceuticals surged 12.37% after Brazilian Health Regulatory Agency (ANVISA) has successfully completed the GMP audit of the company’s 10 APIs manufacturing units situated at Barnala, Punjab.

Inox Green Energy Services (IGESL) declined 2.78%. The company has announced that its subsidiary, I-Fox Windtechnik India received letter of award (LoA) from NLC India (NLCIL) for restoration of 33 wind turbine generators (WTGs) worth Rs 39.5 crore.

Global Markets:

Asian stocks traded mixed as investors await cues from various central bank decisions over the week. Japan’s central bank raised its benchmark interest rate, the short term rate was raised to a range of 0% to 0.1% from -0.1%. It’s the first rate hike since February 2007.

Australia’s central bank will also announce its rates policy on Tuesday and is widely expected to hold rates.

Wall Street's main indexes closed higher on Monday, as tech companies gained, while investors awaited monetary policy guidance from the Federal Reserve. Investors will be watching insights on the U.S. central bank's future rate trajectory.