The Indian benchmark stock indices extended losses by midday, dragged by a decline in metal, I.T., and energy stocks.
Adani Group companies also declined, with the exception of Adani Ports and Special Economic Zone Ltd., which rose nearly 3%, and ACC Ltd., which was flat.
Asian markets retreated with headwinds from an unexpectedly strong U.S. jobs report, and concern over U.S.-China geopolitical tensions also weighed on sentiment. Shares fell in Hong Kong and mainland China, with the Hang Seng Index on course for the lowest close in a month.
At 12:03 p.m., the S&P BSE Sensex declined 407 points, or 0.67%, to 60,435.01, while the NSE Nifty 50 fell 115 points, or 0.64%, to 17,739.60.
Adani Ports and Special Economic Zone Ltd., IndusInd Bank Ltd., Hero MotoCorp Ltd., ITC Ltd., and BPCL Ltd. were the top gainers in the gauge.
Whereas, Divi's Laboratories Ltd., Adani Enterprises Ltd., JSW Steel Ltd., Eicher Motors Ltd. and Infosys Ltd. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices outperformed the larger peers, with the S&P BSE MidCap rising 0.54% and the S&P BSE SmallCap gaining 0.61% by afternoon session.
Twelve out of the 20 sectors compiled by BSE Ltd. declined, while eight advanced in trade.
The market breadth was skewed in favour of the bulls. About 1,822 stocks rose, 1,546 declined and 225 remained unchanged on the BSE.
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