Equity benchmark indices fell sharply during early hours on Thursday as traders booked profit on weak global cues.
At 10:15 am, the BSE S&P Sensex was down by 650 points or 1.26 percent at 50,795 while the Nifty 50 edged lower by 194 points or 1.27 percent to 15,052.
All sectoral indices at the National Stock Exchange were in the negative terrain with Nifty metal down by 2.9 percent, PSU bank and financial service by 2.3 percent each, and auto by 1.3 percent.
Among stocks, JSW Steel dropped by 3.4 percent to Rs 413.65 per share while Tata Steel was down by 3.2 percent to Rs 752.25. Hindalco too dipped by 2.6 percent to Rs 349.80 per share.
Banking and financial stocks too fell with HDFC down by 3 percent, Bajaj Finserv by 2.8 percent, HDFC Bank by 2.7 percent, Axis Bank by 2.5 percent, and ICICI Bank by 2.4 percent.
However, Adani Ports, ONGC, Grasim, and Tech Mahindra traded with a positive bias.
Meanwhile, resurgent worries about rising US bond yields hit global shares as investors waited to see if Federal Reserve Chair Jerome Powell will address concerns about the risk of a rapid rise in long-term borrowing costs.
The MSCI’s ex-Japan Asian Pacific shares lost by 1.7 percent in early trade while Japan’s Nikkei fell by 2.46 percent.
Hong Kong’s Hang Seng index was down by 2.53 percent, South Korea’s Kospi by 1.93 percent, and Shanghai composite by 1.58 percent.