Mumbai, Dec 17 || The Indian stock market witnessed a sharp decline in noon trade on Tuesday as benchmark indices Sensex and Nifty fell by more than 1 per cent.
This decline in the domestic market was seen amid investors' caution ahead of the US Federal Reserve meeting on December 18.
On the other hand, the weak performance of heavyweight stocks also brought the market indices down.
At 1.23 p.m., Sensex was trading at 80,747.04 after declining 1,001.53 points, or 1.23 per cent, while the Nifty was trading at 24,364.70 after dropping 303.55 points, or 1.23 per cent.
According to market experts, globally, markets will be looking forward to the FOMC outcome on Wednesday. Markets have already discounted a 25bp rate cut and, therefore, the focus will be on the Fed chief’s commentary. Any departure from a dovish commentary will be a negative from the market perspective, they said.
"This is only a remote possibility. The US services PMI coming strong at 58.5 per cent indicates a resilient economy, which augurs well for the market," they added.