Key benchmark indices were trading near the day's low in mid-morning trade. The Nifty traded above 10,750. At 11:24 IST, the barometer index, the S&P BSE Sensex, was down 270.04 points or 0.74% at 36,293.84. The Nifty 50 index was down 84.6 points or 0.78% at 10,756.05.
The S&P BSE Mid-Cap index was down 0.62%. The S&P BSE Small-Cap index was down 0.77%.
The market breadth was tilted in favour of sellers. On the BSE, 590 shares rose and 1424 shares fell. A total of 97 shares were unchanged.
Reliance Nippon Life Asset Management was up 1.44% while Reliance Capital was down 3.28%.
Reliance Capital responded to media queries and assured that no pledged shares of Reliance Nippon Life Asset Management have been invoked. Furthermore, the company also assured that borrowings covered under the pledged Reliance Nippon Life Asset Management shares are matched by cash amounting to approximate Rs 1600 crore lying in escrow under tripartite agreements signed between the parties.
Metal stocks were under pressure. Steel Authority of India (down 2.84%), Tata Steel (down 2.72%), NMDC (down 2.48%), Vedanta (down 2.31%), Jindal Steel & Power (down 1.91%), Hindustan Zinc (down 1.66%), Hindalco Industries (down 0.81%) and Hindustan Copper (down 0.81%) tumbled.
The S&P BSE Metal index was down 1.58% at 8,805.53.
IT shares witnessed selling. HCL Technologies (down 2.2%), TCS (down 1.84%), Tech Mahindra (down 1.56%), MindTree (down 0.79%), Infosys (down 0.77%), Hexaware Technologies (down 0.64%), Wipro (down 0.53%) and Zensar Technologies (down 0.26%) were top losers in IT. The S&P BSE IT index was down 1.25% at 15,757.69.
The Nifty IT index was down 1.12% at 15,526.05.
Overseas, Asian stocks were mixed Thursday after the U.S. Federal Reserve cut interest rates as widely expected. The Bank of Japan (BoJ) is in focus on Thursday, with the central bank set to announce its interest rate decision and monetary policy statement.
US stocks ended mixed Wednesday after Fed cut rates but cast doubt on future stimulus. The Fed announced it would cut the benchmark federal funds rate a quarter percentage point to a range of 1.75% to 2% Wednesday, but said in an accompanying statement that sustained expansion of economic activity, strong labor market conditions, and inflation near the committee's symmetric 2% objective are the most likely outcomes.
The Fed also released a survey of Fed Board members and regional Fed bank presidents, which showed that the median respondent believes the Fed funds rate would be at present levels through the end of 2020.
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