At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 467.52 points or 0.75% to 61,646.95. The Nifty 50 index lost 134.80 points or 0.74% to 18,151.70.

In the broader market, the S&P BSE Mid-Cap index declined 0.54% while the S&P BSE Small-Cap index fell 0.11%.

The market breadth was negative. On the BSE, 1,441 shares rose and 1,924 shares fell. A total of 134 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 0.26% to 13.33. The Nifty 25 May 2023 futures were trading at 18,184.10, at a premium of 32.4 points as compared with the spot at 18,151.70.

The Nifty option chain for the 25 May 2023 expiry showed maximum Call OI of 49.1 lakh contracts at the 18,500 strike price. Maximum Put OI of 47.6 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Realty index slipped 2.01% to 462.60. The index was down 2.08% in two trading sessions.

Oberoi Realty (down 5.6%), Prestige Estates Projects (down 2.89%), Mahindra Lifespace Developers (down 2.36%), Macrotech Developers (down 2%) and DLF (down 1.97%) were the top losers.

Among the other losers were Sobha (down 1.58%), Godrej Properties (down 1.1%), Phoenix Mills (down 1.03%), Indiabulls Real Estate (down 0.35%).

Oberoi Realty tumbled 5.56%. The company reported 106% rise in consolidated net profit to Rs 480.16 crore in Q4 FY23 from Rs 232.78 crore for Q4FY22. Revenue for the quarter was Rs 995.11 crore as against Rs. 842.94 in the same period last year, up 18% YoY.

Stocks in Spotlight:

Talbros Automotive Components (TACL) rallied 3.19% after the company's consolidated net profit jumped 33.9% to Rs 16.88 crore on 18.2% rise in Total income from operations to Rs 174.95 crore in Q4 FY23 over Q4 FY22.

CreditAccess Grameen jumped 6.50% after the company's profit after tax surged 86.4% to Rs 296.6 crore on 32.7% increse in net interest income (NII) to Rs 689.8 crore in Q4 FY23 over Q4 FY22.