The domestic equity barometers declined further and hit a fresh intraday low in afternoon trade. The Nifty slipped below the 19,600 level. All the sectoral indices on the NSE were in the red with IT, FMCG and media stocks declining the most.

At 13:27 IST, the barometer index, the S&P BSE Sensex, was down 463.98 points or 0.70% to 65,654.71. The Nifty 50 index lost 148.40 points or 0.75% to 19,568.05.

In the broader market, the S&P BSE Mid-Cap index fell 0.78% while the S&P BSE Small-Cap index shed 0.02%.

The market breadth was negative. On the BSE, 1,682 shares rose and 1,876 shares fell. A total of 158 shares were unchanged.

Gainers & Losers:

Larsen & Toubro (up 1.54%), HDFC Bank (up 0.33%), State Bank of India (up 0.28%), ONGC (up 0.27%), Axis Bank (up 0.18%) were major Nifty gainers.

Tech Mahindra (down 3.88%), Asian Paints (down 3.61%), LTIMindtree (down 3.03%), Mahindra & Mahindra (down 2.46%) and HDFC Life Insurance Company (down 1.91%) were major Nifty losers.

Stocks in Spotlight:

JSW Steel shed 0.92%. The steel major on Friday announced that it has acquired the remaining 50% stake in NSL Green Steel Recycling (NSL) from National Steel Holding (NSHL).

Aurobindo Pharma fell 1.37%. The company's wholly owned subsidiary, Auro Vaccines has entered into a Licence Agreement with Hilleman Laboratories Singapore Pte. Limited to develop, manufacture and commercialize a pentavalent vaccine candidate used in children vaccination.

Dixon Technologies (India) declined 1.31% after the company's wholly owned subsidiary, Padget Electronics has entered into an Agreement with Xiaomi to carry out manufacturing of smart phones and other related products for Xiaomi. The manufacturing shall take place at Padget's manufacturing facility situated at Noida.

Gensol Engineering gained 2.35%. Gensol EV Lease bagged an order for more than 500 Tata Ace cargo electric vehicles (EVs) valued at Rs 75 crore from an all-electric logistics company. Gensol EV Lease is an EV-focused leasing solutions provider and a subsidiary of Gensol Engineering.

Global Markets:

Most of the markets in Europe advanced while Asian stocks traded mixed after notching some gains on Wednesday as an uptick in Treasury yields and oil prices dented investor sentiment on Wall Street.

South Korea's markets are closed for a public holiday.

US stocks finished the day mixed on Wednesday. Investors will watch for economic data on jobless claims, home sales and the GDP on Thursday, before turning attention to the latest personal consumption expenditures price index reading due Friday.

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