Volatility index, India VIX, shot up over 13 per cent to above 20 levels.

Among the benchmark indices, the S&P BSE Sensex was trading 260 points, or 0.7 per cent, lower at 39,200 levels. Earlier in the session, the index had briefly reclaimed the 40,000 mark. The NSE’s Nifty also gave up the crucial 11,600-mark.

Sun Pharma (down 4%), IndusInd Bank and SBI (both down 3%), and Kotak Mahindra Bank (down 2.5%) were the top Sensex laggards. On the other hand, ONGC was up 2 per cent.

The Nifty sectoral indices were all in the red, led by Nifty Metal index, down 2.5 per cent.

The broader markets fared worse as compared to the benchmarks, with the S&P BSE MidCap and SmallCap indexes trading 2 per cent and 3 per cent lower, respectively.

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