At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 298.58 points or 0.47% to 62,869.72. The Nifty 50 index declined 73.15 points or 0.39% to 18,682.30.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.14% while the S&P BSE Small-Cap index gained 0.25%.

The market breadth was positive. On the BSE, 1,732 shares rose and 1,466 shares fell. A total of 108 shares were unchanged.

Buzzing Index:

The Nifty Media index lost 0.78% to 1,776.20. The index declined 1.66% in two trading sessions.

Nazara Technologies (down 1.52%), Zee Entertainment Enterprises (down 1.4%), PVR Inox (down 0.84%), Dish TV India (down 0.7%), TV18 Broadcast (down 0.37%) were the top losers.

Among the other losers were New Delhi Television (down 0.34%), Hathway Cable & Datacom (down 0.33%), Sun TV Network (down 0.17%), Navneet Education (down 0.04%).

Stocks in Spotlight:

Aether Industries shed 0.05%. The company announced that its board approved the opening of qualified institutional placement (QIP) of equity shares to raise upto Rs 750 crore with the floor price of Rs 984.90 per share.

Can Fin Homes added 0.99% after the company announced that its board has approved raising up to Rs 4,000 crore via debt instruments and up to Rs 1,000 crore through qualified institutional placement (QIP).

Royal Orchid Hotels rose 1.06% after the hospitality company has announced the appointment of Philip Logan as its Chief Operating Officer (COO). Logan has extensive experience in the Indian hospitality industry, having worked with multiple brands of Accor, including IBIS, Mecure, Novotel, Grand Mercure, and Sofitel.