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The benchmark indices, which opened on the backfoot, continued to trade in the red in the mid-morning session on Thursday.
At 11:23 am, Sensex was at 52,400, down 103 points or 0.20 per cent. Nifty was at 15,734, down 33 points or 0.21 per cent.
The top gainers on the Sensex were UltraTech Cement, Nestle India, Asian Paints, Reliance and Infosys. The laggards were HDFC, Maruti, NTPC, Axis Bank and HDFC Bank.
According to an agency report, the Sensex tumbled in early trade tracking losses in the HDFC twins, ICICI Bank and Reliance Industries, amid a largely negative trend in global equities.
In the previous session, Sensex ended 271.07 points or 0.51 per cent lower at 52,501.98, and Nifty retreated from a record and declined 101.70 points or 0.64 per cent to 15,767.55.
Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 870.29 crore on Wednesday, provisional exchange data said.
The report quoting Binod Modi, Head-Strategy at Reliance Securities, said domestic equities do not look to be good due to weak global cues.
While soft bond yields and improving prospects of earnings visibility have resulted in FIIs’ flow turning favourable in the last couple of days, a slight hawkish policy meeting outcome of the Federal Open Market Committee (FOMC) may weigh on sentiments in the near term, he noted.
Elsewhere in Asia, bourses in Shanghai and Hong Kong were trading on a positive note, while Seoul and Tokyo were in the red in mid-session deals.
US equities finished lower after the US Federal Reserve indicated it might ease off economic stimulus earlier than previously thought.
The Fed's policymakers forecast that they would raise their benchmark short-term rate, which influences many consumer and business loans, twice by late 2023. They had previously estimated that no rate hike would occur before 2024. (with inputs from PTI)
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