The Nifty traded below the 23,900 level. Pharma shares declined after advancing for previous two consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex slumped 1,018.02 points or 1.10% to 76,645.98. The Nifty 50 index tanked 290.15 points or 1.20% to 23,881.65.

The broader market underperformed the frontliner indices. The BSE 150 MidCap Index slipped 1.28% and the BSE 250 SmallCap Index dropped 1.33%.

The market breadth was weak. On the BSE, 1,088 shares rose and 2,904 shares fell. A total of 184 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 3.18% to 19.18. The Nifty 24 April 2025 futures were trading at 23,964.60, at a premium of 82.95 points as compared with the spot at 23,881.65.

The Nifty option chain for the 24 April 2025 expiry showed a maximum call OI of 170.7 lakh contracts at the 25,000 strike price. Maximum put OI of 109.8 lakh contracts was seen at a 23,000 strike price.

Buzzing Index:

The Nifty Pharma index tumbled 1.56% to 22,628.15. The index added 0.83% in previous two consecutive trading session.

Gland Pharma (down 3.58%), Sun Pharmaceutical Industries (down 3.53%), Lupin (down 3.09%), Wockhardt (down 2.53%) and Cipla (down 1.91%), Zydus Lifesciences (down 1.86%), Glenmark Pharmaceuticals (down 1.59%), Biocon (down 1.52%), Aurobindo Pharma (down 1.14%) and Dr Reddys Laboratories (down 0.96%) declined.

On the other hand, Piramal Pharma (up 1.3%), Ipca Laboratories (up 0.75%) and Abbott India (up 0.04%) turned added.

Stocks in Spotlight:

Hindustan Construction Company (HCC) fell 3.11%. The company said that it has secured a significant infrastructure contract worth Rs 2,917 crore from the City and Industrial Development Corporation of Maharashtra (CIDCO) for the construction of a 22.21 km raw water tunnel and a 250 MLD water treatment plant in Raigad.