At 12:30 IST, the barometer index, the S&P BSE Sensex tanked 586.32 points or 0.72% to 81,669.06. The Nifty 50 index slipped 171.45 points or 0.67% to 24,942.65.

In the broader market The S&P BSE Mid-Cap index shed 0.43% and the S&P BSE Small-Cap index declined 0.50%.

The market breadth was weak. On the BSE, 1,458 shares rose and 2,337 shares fell. A total of 198 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.55% to 11.62. The Nifty 31 July 2025 futures were trading at 24,995.10 at a premium of 52.45 points as compared with the spot at 24,942.65.

The Nifty option chain for the 31 July 2025 expiry showed a maximum call OI of 55.7 lakh contracts at the 25,500 strike price. Maximum put OI of 53.1 lakh contracts was seen at 25,000 strike price.

Buzzing Index:

The Nifty Financial Services index shed 1.05% to 26,526.75. The index fell 1.49% in the three trading sessions.

Axis Bank (down 4.16%), SBI Life Insurance Company (down 1.85%), Shriram Finance (down 1.82%), HDFC Life Insurance Company (down 1.57%), Kotak Mahindra Bank (down 1.42%), ICICI Lombard General Insurance Company (down 1.39%), SBI Cards & Payment Services (down 1.35%), State Bank of India (down 0.97%), LIC Housing Finance (down 0.9%) and HDFC Bank (down 0.84%) down.

On the other hand, HDFC Asset Management Company (up 0.86%), REC (up 0.34%) and Bajaj Finance (up 0.28%) added.

Axis Bank declined 4.16% after the bank reported a 3.79% drop in standalone net profit to Rs 5,806.14 crore on 6.91% increase in total income to Rs 38,321.57 crore in Q1 FY26 over Q1 FY25.

Stocks in Spotlight:

Jagatjit Industries jumped 4.73% after the company announced the commencement of commercial production of ethanol from grain at its newly commissioned 200 KLPD grain-based ethanol distillery plant.

Route Mobile fell 3.96% after the company's consolidated net profit declined 32.23% to Rs 53.21 crore on a 4.77% drop in revenue from operation to Rs 1,050.83 crore in Q1 FY26 over Q1 FY25.

Indian Hotels Company (IHCL) added 1.32% after the company’s consolidated net profit rose 19.31% to Rs 296.37 crore on 31.66% surge in revenue from operations to Rs 2,041.08 crore in Q1 FY26 over Q1 FY25.