At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 100.15 points or 0.16% to 63,423. The Nifty 50 index lost 17.75 points or 0.09% to 18,839.10.

In the broader market, the S&P BSE Mid-Cap index fell 0.29% while the S&P BSE Small-Cap index gained 0.16%.

The market breadth was positive. On the BSE, 1,680 shares rose and 1,614 shares fell. A total of 142 shares were unchanged.

Buzzing Index:

The Nifty Media index advanced 0.84% to 1,792.95. The index rose 1.39% in two trading sessions.

Dish TV India (up 3.77%), Hathway Cable & Datacom (up 1.94%), Zee Entertainment Enterprises (up 1.61%), TV18 Broadcast (up 1.24%) and Sun TV Network (up 0.86%) were the top gainers.

Among the other gainers were Network 18 Media & Investments (up 0.38%), New Delhi Television (up 0.35%), PVR Inox (up 0.31%), Navneet Education (up 0.12%).

Stocks in Spotlight:

Tata Consultancy Services declined 0.58%. The IT major and the U.K.'s Nest (National Employment Savings Trust) Pension expand their strategic partnership to provide an enhanced member experience.

LIC gained 1.02% and NMDC fell 0.47%. LIC sold ‬‬ 6,06,63,724 shares, or 2.070% equity, at an average cost of Rs 107.59 via open market sale during the period from 14 March 2023 to 20 June 2023.

Global Market:

Most of the Asian stocks declined after US Federal Reserve chair Jerome Powell stuck to his recent hawkish tone as investors assess the future rate policy path from the Fed. Elsewhere, markets in Hong Kong and mainland China, as well as Taiwan are closed for a holiday Thursday.

U.S. stocks closed lower on Wednesday as Federal Reserve Chairman Jerome Powell's congressional testimony reinforced the central bank's objective to rein in inflation as he hinted at the likelihood of further interest rate hikes. Powell is scheduled to testify before the Senate Banking Committee on Thursday.

Federal Reserve Chairman Jerome Powell on Wednesday said he and his colleagues expect more interest rate increases ahead as inflation is still too high. “Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go,” he said in prepared remarks for a hearing before the House Financial Services Committee. Powell noted that “nearly all” policymakers figure additional hikes will be needed to bring inflation closer in line to the Fed's 2% target.