At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 695.14 points or 0.96% to 72,053.28. The Nifty 50 index slipped 221.90 points or 1.01% to 21,834.10.

In the broader market, the S&P BSE Mid-Cap index declined 1.15% and the S&P BSE Small-Cap index shed 0.83%.

The market breadth was weak. On the BSE, 1,199 shares rose and 2,561 shares fell. A total of 113 shares were unchanged.

Buzzing Index:

The Nifty Pharma Index declined 1.60% to 18,512.70. The index rose 0.51% in the past trading session.

Cipla (down 2.68%), Dr Reddys Laboratories (down 2.35%), Aurobindo Pharma (down 2.25%), Divis Laboratories (down 2.22%) and Torrent Pharmaceuticals (down 1.91%) were the top losers. Among the other losers were Sanofi India (down 1.66%), Laurus Labs (down 1.56%), Lupin (down 1.51%), Alkem Laboratories (down 1.5%) and Glenmark Pharmaceuticals (down 1.41%) declined.

On the other hand, Natco Pharma (up 1.39%), Glaxosmithkline Pharmaceuticals (up 0.59%) and Pfizer (up 0.47%) advanced.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.01% to 7.086 as compared with the previous close of 7.087.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.0000, compared with its close of 82.9075 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement shed 0.24% to Rs 65,450.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.48% to 103.93.

The United States 10-year bond yield declined 0.30% to 4.327.

In the commodities market, Brent crude for May 2024 settlement lost 21 cents or 0.24% to $86.68 a barrel.

Stocks in spotlight:

Grasim Industries shed 0.84%. The company said an investment of Rs 1,250 crore, or $150 million, made by the World Bank Group's private sector arm, the International Finance Corporation (IFC), by way of subscription to non convertible debentures to be issued by the firm.

L&T Finance Holdings shed 0.27%. The NBFC announced that its board has approved the raising of funds by issuance of non-convertible debentures (NCDs) in one or more tranches, such that at any point of time the NCDs issued and outstanding does not exceed Rs 1,01,000 crore.

Bondada Engineering was locked in upper circuit of 5% at Rs 815.05 after the company has received a letter of intent (LoI) from the Singareni Collieries Company (SCCL) for grant of work order worth Rs 433 crore.