At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 188.36 points or 0.30% to 61,585.42. The Nifty 50 index lost 55.85 points or 0.31% to 18,229.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.07% while the S&P BSE Small-Cap index gained 0.22%.

The market breadth was positive. On the BSE, 1,745 shares rose and 1,476 shares fell. A total of 146 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,185.84 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 300.93 crore in the Indian equity market on 24 May, provisional data showed.

Buzzing Index:

The Nifty IT index fell 0.69% to 28,690.65. The index rose 0.06% in the past trading session.

Tata Consultancy Services (down 0.79%), Wipro (down 0.78%), L&T Technology Services (down 0.73%), Mphasis (down 0.59%), HCL Technologies (down 0.34%), Infosys (down 0.32%), Tech Mahindra (down 0.31%) declined.

On the other hand, Persistent Systems (up 0.61%), LTI Mindtree (up 0.22%) and Coforge (up 0.09%) advanced.

Earnings Impact:

Oil India fell 1.78%. On standalone basis, Oil India reported 9.7% rise in net profit to Rs 1,788.28 crore on 20.5% increase in net sales (excluding excise duty) to Rs 5,397.87 crore in Q4 FY23 over Q4 FY22.

Trident tumbled 6.05% after the company's consolidated net profit slipped 27.9% to Rs 130.66 crore on 15.9% decline in revenue from operations to Rs 1,573.25 crore in Q4 FY23 over Q4 FY22.

Wonderla Holidays rallied 4.44% after the company's standalone net profit surged to Rs 35.05 crore in Q4 FY23, steeply higher from Rs 8.51 crore in Q4 FY22. Revenue from operations jumped 69.6% to Rs 98.60 crore in Q4 FY23 as against Rs 58.14 crore in Q4 FY22.

Global markets:

Asian markets mostly traded lower as the Bank of Korea held its benchmark interest rate steady at 3.5%, in line with expectations. South Korea, which was one of the first Asian banks to pause its rate hikes, has held rates for three straight meetings since January.

US stocks fell on Wednesday as investor concerns over the debt ceiling mounted and ratings agency Fitch put the United States' AAA rating on negative watch. U.S.

Fitch Ratings put the U.S.′ AAA long-term foreign-currency issuer default rating on a negative watch. The rating agency said the ongoing debt ceiling negotiations have raised the risks that the government could miss payments on some of its obligations. Fitch noted that it still expects Washington officials to arrive at a resolution before the deadline.

Federal Reserve officials were also divided on the need to raise interest rates, minutes from the central bank show. The minutes indicated that a decision to increase rates at the next meeting would ultimately hinge on upcoming data releases.