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The Nifty slips below  7250. The 50-share indices was down 42.05 points or 0.6 percent at 7256.15. The Sensex is down 147.40 points or 0.6 percent at 23873.58. About 454 shares have advanced, 807 shares declined, and 65 shares are unchanged. Infosys, HUL, HDFC Bank, NTPC and Reliance are top gainers in the Sensex.

Ambuja Cements was trading 2.6 per cent lower at Rs 192.30 ahead of its third quarter numbers which are due later in the day.Shares of IPCA Labs fell nearly 9 per cent to hit intraday low of Rs 596 after the FDA found the corrective action plan of the company inadequate. FDA has pointed out systemic data manipulation at all three plants.