At 12:27 IST, the barometer index, the S&P BSE Sensex slipped 453.18 points or 0.62% to 73,015.66. The Nifty 50 lost 147.50 points or 0.66% to 22,155.

In the broader market, the S&P BSE Mid-Cap index fell 0.74% and the S&P BSE Small-Cap index declined 0.87%.

The market breadth was weak. On the BSE, 1,199 shares rose and 2,437 shares fell. A total of 150 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 2.47% to 17.50. The Nifty 30 May 2024 futures were trading at 22,255, at a premium of 100 points as compared with the spot at 22,155.

The Nifty option chain for the 30 May 2024 expiry showed maximum Call OI of 29 lakh contracts at the 22,500 strike price. Maximum Put OI of 37.9 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Pharma index declined 1.08% to 9,025.45. The index rose 0.10% in the past trading session.

Divis Laboratories (down 2.64%), Granules India (down 2.01%), Glenmark Pharmaceuticals (down 1.56%), J B Chemicals & Pharmaceuticals (down 1.32%) and Dr Reddys Laboratories (down 1.26%) were the top losers.

Among the other losers were Abbott India (down 1.18%), Sun Pharmaceuticals Industries (down 0.89%), Alkem Laboratories (down 0.8%), Sanofi India (down 0.75%) and Gland Pharma (down 0.71%).

Stocks in spotlight:

Bank of Baroda rose 0.82% after the Reserve Bank of India (RBI) lifted a ban on the bank's mobile app, BoB World.

Bombay Stock Exchange (BSE) declined 2.46% . The company reported 20.63% jump in consolidated net profit to Rs 106.89 crore in Q4 FY24 as compared with Rs 88.61 crore in Q4 FY23. Revenue from operations soared to Rs 488.37 crore during the quarter as compared with Rs 227.01 crore posted in corresponding quarter last year.