At 10:30 ST, the barometer index, the S&P BSE Sensex, was down 1,473.58 points or 1.82% to 79,514.19. The Nifty 50 index tumbled 445.30 points or 1.80% to 24,272.35.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 2.38% and the S&P BSE Small-Cap index slipped 2.52%.

The market breadth was weak. On the BSE, 718 shares rose and 3,059 shares fell. A total of 142 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, soared 20.11% to 17.20.

Economy:

India's forex reserves decline by $3.471 billion to $667.386 billion

India’s foreign exchange reserves registered a decline of $3.471 billion, reaching $667.386 billion during the week ended July 26, according to the latest data from the Reserve Bank of India (RBI).

Foreign currency assets saw a reduction of $1.171 billion, bringing the total to $586.877 billion.

Gold reserves fell by $2.297 billion to $57.695 billion during the week. Special drawing rights (SDRs) decreased by $5 million to $18.202 billion.

India’s reserve position with the International Monetary Fund (IMF) saw a modest increase of $2 million, reaching $4.612 billion in the reporting week.

Results today:

Oil and Natural Gas Corporation(ONGC) (down 3.57%), Bharti Airtel (down 1%), Marico (up 2.02%), BEML (down 3.93%), Bharti Hexacom (down 1.41%), Avanti Feeds (down 2.46%), BLS International (up 0.77%), Motherson Sumi Wiring India (down 1.88%), Brigade Enterprises (down 2.94%), Century Plyboards (down 1.99%), Deepak Nitrite (down 0.59%), Devyani International (down 3.57%), Gujarat State Fertilizers and Chemicals (GSFC) (down 3.39%), H.G. Infra Engineering (down 0.85%), Honeywell Automation (down 2.56%), Orient Cement (down 0.15%), Sandhur Maganese and Iron Ores (down 3.82%), Schneider Electric Infrastructure (down 4.65%), Syrma SGS Technology (down 4.21%), Tata Chemicals (down 0.98%), Triveni Turbine (down 1.93%), V-Mart Retail (down 2.90%), VRL Logistics (down 1.79%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Realty index slipped 3.64% to 999.40. The index tumbled 8.96% in the four trading sessions.

Phoenix Mills (down 8.44%), Godrej Properties (down 4.41%), Sobha (down 4.23%), Sunteck Realty (down 3.49%), Brigade Enterprises (down 3.18%), Oberoi Realty (down 2.85%), Macrotech Developers (down 2.54%), DLF (down 2.53%), Prestige Estates Projects (down 2.44%) and Mahindra Lifespace Developers (down 2.35%) slipped.

Stocks in Spotlight:

Adani Ports and Special Economic Zone fell 2.92%. The company said that the company’s total cargo volume for the month of July 2024 was 37.3 MMT, which is higher by 9.7% as compared with the same period last year.

Delhivery rose 0.43%. The logistics solution provider reported a consolidated net profit of Rs 54.36 crore in Q1 FY25 as against a net loss of Rs 89.48 crore posted in Q1 FY24. Revenue from operations grew by 12.57% year on year to Rs 2,172.3 crore in the quarter ended 30 June 2024.