Mumbai, Sep 1 - A key index of the Indian equities markets fell sharply in afternoon trade Tuesday, wiping out a 1.6 percent gain garnered in previous sessions.

At 2.12 p.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,691.27 points, was trading at 15,535.84 points, down 107 points or 0.68 percent.

Around the same time, the Nifty of the National Stock Exchange (NSE) too was ruling in the red at 4,627.15 points, down 0.75 percent.

Broader market indices also lost, with the BSE midcap index ruling 0.79 percent lower and the BSE smallcap index down 0.63 percent.