At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 224.15points or 0.36% to 62,624.49. The Nifty 50 index shed 72.15 points or 0.39% to 18,562.40.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index was flat while the S&P BSE Small-Cap index fell 0.09%.

The market breadth was negative. On the BSE, 1,647 shares rose and 1,816 shares fell. A total of 137 shares were unchanged.

Numbers to track:

The yield on India's 10-year benchmark federal paper rose 0.17% to 7.035 from previous close of 7.021.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.4825, compared with its close of 82.5100 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement shed 0.03% to Rs 59,875.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.18% to 103.52.

The United States 10-year bond yield advanced 1.03% to 3.751.

In the commodities market, Brent crude for August 2023 settlement fell 25 cents or 0.33% to $75.71 a barrel.

Buzzing Index:

The Nifty Media lost 0.60% to 1,767.60. The index slipped 2.11% in two trading sessions.

TV18 Broadcast (down 1.6%), Dish TV India (down 1.42%), Sun TV Network (down 1.15%), Network 18 Media & Investments (down 1.09%), Zee Entertainment Enterprises (down 1.05%), New Delhi Television (down 0.91%) and PVR Inox (down 0.31%) declined.

On the other hand, Nazara Technologies (up 1.4%) ,Navneet Education (up 0.72%) and Hathway Cable & Datacom (up 0.35%) edged higher.

Stocks in Spotlight :

Indoco Remedies rose 0.59% after the company received EU GMP (good manufacturing practice) certificate from German Health Authority (Berlin) for its manufacturing facility (Plant III) located at Baddi facility.

Schneider Electric Infrastructure declined 1.55% after the company informed that it's managing director & chief executive officer (MD & CEO), Sanjay Sudhakaran has tendered his resignation on 8 June 2023.