At 14:30 IST, the barometer index, the S&P BSE Sensex, dropped 426.32 points or 0.50% to 84,979.27. The Nifty 50 index lost 116.10 points or 0.44% to 26,026.65.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.11% and the S&P BSE Small-Cap index shed 0.22%.

The market breadth was negative. On the BSE, 1,721 shares rose and 2,403 shares fell. A total of 184 shares were unchanged.

Buzzing Index:

The Nifty Auto index rose 0.49% to 27,750. The index jumped 1.54% in the three consecutive trading sessions.

Uno Minda (down 1.53%), Tata Motors Passenger Vehicles (down 1.11%), Hero MotoCorp (down 1.04%), Ashok Leyland (down 0.95%), Bajaj Auto (down 0.86%), Maruti Suzuki India (down 0.78%), TVS Motor Company (down 0.52%), Mahindra & Mahindra (down 0.42%), Exide Industries (down 0.31%) and Sona BLW Precision Forgings (down 0.26%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 0.41% to 6.565 as compared with the previous close of 6.538.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 89.8425 compared with its close of 89.7100 during the previous trading session.

MCX Gold futures for 5 February 2025 settlement rose 0.89% to Rs 1,39,329.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.08% to 98.03.

The United States 10-year bond yield rose 0.56% to 4.153.

In the commodities market, Brent crude for February 2025 settlement added 7 cents or 0.11% to $62.31 a barrel.

Stocks in Spotlight:

Dilip Buildcon rose 3.80% after the company announced that it has secured a letter of award (LOA) for a significant road construction project in Bihar.

Astra Microwave Products rose 2.38% after the company announced the execution of a memorandum of undertaking with state-run Bharat Electronics.