The key benchmark indices traded with limited losses in the mid-afternoon trade. The Nifty traded below the 17,650 mark after hitting the day's high of 17,766.60 in early trade. Consumer durables shares snapped three days gaining streak as profit booking emerged at higher levels.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 249.75 points or 0.42% to 59,661. The Nifty 50 index lost 66.45 points or 0.38% to 17,640.40.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.41% while the S&P BSE Small-Cap index advanced 0.15%.

The market breadth was positive. On the BSE, 1,809 shares rose and 1,678 shares fell. A total of 116 shares were unchanged.

Investors await corporate results this week, along with comments from the Fed Reserve officials for cues on interest rate hikes. Stronger-than-expected Chinese economic data failed to raise the investor sentiment. Bank of International Settlements head Agustín Carstens has reportedly warned that interest rates may need to stay higher for longer due to high inflation and rising risks of instability in the global economy.

Numbers to track:

The yield on India's 10-year benchmark federal paper declined to 7.227 from 7.247 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.0350., compared with its close of 82.0125 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement rose 0.32% to Rs 60,375.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.38% to 102.72.

The United States 10-year bond yield advanced 0.26% to 3.600.

In the commodities market, Brent crude for June 2023 settlement declined 14 cents or 0.17% to $84.62 a barrel.

Buzzing Index:

The Nifty consumer durables index was down 0.74% to 24,306.15. The index advanced 0.24% in past three trading sessions.

Blue Star (down 2.06%), Titan Company (down 1.59%), Rajesh Exports (down 1.11%), Orient Electric (down 0.74%), Havells India (down 0.52%), Voltas (down 0.49%), TTK Prestige (down 0.49%), V-Guard Industries (down 0.39%), Amber Enterprises India (down 0.15%) and Whirlpool of India (down 0.12%) declined.

On the other hand, Relaxo Footwears (up 1.13%) ,Crompton Greaves Consumer Electricals (up 0.81%) and Dixon Technologies(India)(up 0.69%) advanced.

Stocks in Spotlight:

Ramco Systems rose 2.25% after the company said it secured a deal from Shearwater Health for implementing global payroll & operational HR solution.

Quick Heal Technologies tumbled 6.94% after the company reported a consolidated net loss of Rs 6.64 crore in Q4 FY23 as against a net profit of Rs 28.09 crore posted in Q4 FY22. Revenue from operation slumped 52.5% to Rs 49.28 crore in Q4 FY23 from Rs 103.71 crore recorded in the same period a year ago.