At 14:26 IST, the barometer index, the S&P BSE Sensex, fell 343 points or 0.68% at 50,020.02. The Nifty 50 index lost 120 points or 0.81% at 14,790.75.
The broader market tumbled. The S&P BSE Mid-Cap index declined 2% while the S&P BSE Small-Cap index declined 1.66%.
The market breadth was tilted towards the sellers. On the BSE, 837 shares rose and 2,047 shares fell. A total of 171 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,692.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,168.59 crore in the Indian equity market on 16 March 2021, provisional data showed.
Buzzing Index:
The Nifty Bank slipped 283 points or 0.81% to 34,521, falling for fourth consecutive trading session. The index has lost 4% in four days.
RBL Bank (down 4.4%), Bank of Baroda (down 3.99%), IDFC First Bank (down 3.39%), Federal Bank (down 2.93%), PNB (down 2.14%), SBI (down 1.9%), IndusInd Bank (down 1.56%) and Bandhan Bank (down 1.12%) were top losers in Bank Nifty.
Numbers to Track:
In the commodities market, Brent crude for May 2021 settlement rose 1 cent to $68.40 a barrel. The contract fell 0.71% to settle at $ 68.39 a barrel in the previous session.
The yield on 10-year benchmark federal paper rose to 6.191% as compared to its previous close of 6.18%.
In the foreign exchange market, the partially convertible rupee fell to 72.5825, compared with its previous closing of 72.5525.
MCX Gold futures for 5 April 2021 settlement rose 0.31% to Rs 44,953.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.08% to 91.950.
US Treasury yields surged on Wednesday ahead of the Federal Reserve's policy outcome. The yield on the benchmark 10-year Treasury note hovered at 1.636%.
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