At 12:30 IST, the barometer index, the S&P BSE Sensex, slumped 720.22 points or 0.87% to 81,480.94. The Nifty 50 index slipped 195.50 points or 0.78% to 24,949.60.

In the broader market, the S&P BSE Mid-Cap index fell 0.62% and the S&P BSE Small-Cap index shed 0.25%.

The market breadth was weak. On the BSE, 1,494 shares rose and 2,336 shares fell. A total of 102 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 4.02% to 14.78. The Nifty 26 September 2024 futures were trading at 24,993.50, at a premium of 43.90 points as compared with the spot at 24,949.60.

The Nifty option chain for the 26 September 2024 expiry showed maximum Call OI of 58 lakh contracts at the 25,000 strike price. Maximum Put OI of 102.9 lakh contracts were seen at 25,000 strike price.

Buzzing Index:

The Nifty Bank index slipped 1.11% to 50,901.50. The index rose 0.14% in the past trading session.

State Bank of India (down 3.69%), Bandhan Bank (down 2%), Punjab National Bank (down 1.91%), Bank of Baroda (down 1.76%), Federal Bank (down 1.74%), ICICI Bank (down 1.4%), Axis Bank (down 1.22%), IDFC First Bank (down 1.09%), IndusInd Bank (down 0.79%) and Kotak Mahindra Bank (down 0.24%) declined.

Stocks in Spotlight:

Angel One slipped 2.09% to Rs 2,455.95 after the company announced that its client base jumped 62.9% to 26.65 million in August 2024 as against 16.36 million recorded in August 2023.

Dr Reddy's Laboratories shed 0.19%. The pharma major announced that it has received the establishment inspection report (EIR) from the United States Food & Drug Administration (USFDA) for its API manufacturing facility (CTO-6) in Srikakulam, Andhra Pradesh.