At 14:30 IST, the barometer index, the S&P BSE Sensex, was dropped 704.69 points or 0.94% to 74,334.27. The Nifty 50 index fell 203.15 points or 0.89% to 22,550.65.

In the broader market, the S&P BSE Mid-Cap index shed 0.18% and the S&P BSE Small-Cap index fell 0.25%.

The market breadth was weak. On the BSE, 1,456 shares rose and 2,342 shares fell. A total of 110 shares were unchanged.

The Asian Development Bank (ADB) on Thursday raised India’s GDP growth forecast for the current fiscal to 7% from 6.7% earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.

Buzzing Index:

The Nifty media index slipped 1.04% to 1,891.40. The index advanced 1.80% in the past trading sessions.

Saregama India (down 2.01%), Zee Entertainment Enterprises (down 1.96%), Sun TV Network (down 1.66%), Dish TV India (down 1.61%), TV18 Broadcast (down 0.94%) and Hathway Cable & Datacom (down 0.69%) declined.

On the other hand, Nazara Technologies (up 1.29%), Tips Industries (up 1.03%) and Network 18 Media & Investments (up 0.84%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.84% to 7.176 as compared with previous close 7.116.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.3950, compared with its close of 83.3100 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 1.57% to Rs 72,772.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.36% to 105.66.

The United States 10-year bond yield fell 0.81% to 4.541.

In the commodities market, Brent crude for June 2024 settlement added 62 cents or 0.69% to $ 90.36 a barrel.

Stocks in Spotlight:

Nibe was locked in an upper circuit of 5% after the company announced that its subsidiary Karmayogi Manufacturing received purchase order from Ordefence System worth Rs 307 crore.

Manorama Industries rallied 6.12% after commenced the commissioning of its new fractionation plant with capacity of 25,000 tonnes per annum (TPA).

Uno Minda rose 0.37%. The firm bagged an allotment of 94.32 acres strategic land parcel at IMT Kharkhoda, Haryana HSIIDC, to fuel its ongoing and future expansions.