The key equity indices tumbled with substantial losses in the mid-afternoon trade. The Nifty dropped below the 23,750 mark. Realty shares extended losses for the fourth consecutive trading session.

At 14:25 IST, the barometer index, the S&P BSE Sensex, tumbled 782.23 points or 0.99% to 78,436.88. The Nifty 50 index dropped 229.80 points or 0.96% to 23,721.90.

In the broader market, the S&P BSE Mid-Cap index slipped 1.52% and the S&P BSE Small-Cap index fell 1.47%.

The market breadth was weak. On the BSE, 1,166 shares rose and 2,775 shares fell. A total of 108 shares were unchanged.

Buzzing Index:

The Nifty Realty index slipped 2.59% to 1,074.65. The index fell 3.93% for the four consecutive trading sessions.

Sobha (down 3.66%), Brigade Enterprises (down 3.35%), Macrotech Developers (down 3.13%), Prestige Estates Projects (down 2.95%) and Raymond (down 2.42%) were the top losers. Among the other losers were Phoenix Mills (down 2.27%), DLF (down 1.91%), Godrej Properties (down 1.66%), Oberoi Realty (down 0.63%) declined

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 1.74% to 6.905 as compared with the previous close of 6.899.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.0775, compared with its close of 84.9450 during the previous trading session.

MCX Gold futures for the 5 February 2025 settlement rose 0.13% to Rs 75,770.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.25% to 108.13.

The United States 10-year bond yield fell 0.24% to 4.559.

In the commodities market, Brent crude for February 2024 settlement lost 32 cents, or 0.44% to $72.56 a barrel.

Stocks in Spotlight:

Alembic Pharmaceuticals rose 0.64%. The company announced that it has received final approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Divalproex Sodium Delayed-Release Capsules.

Hindustan Construction Company declined 3.49%. The company said that its board has approved the closure of the issue for the qualified institutions placement of equity shares of the company on Thursday, 19 December 2024.

Kothari Products hit an upper circuit of 20% after the company‘s board scheduled to meet on 27 December 2024 to consider bonus issue of equity shares.