The top contributor to the Sensex losses is Reliance, Infosys, TCS and HCL Tech which was down in the range of 100-70 points.
Broader indices moved lower with the midcap and smallcap indices were down 0.84% and 0.55% in mid-morning deals.
BSE Sensex is currently 60,897.82 down 362 points or 0.59%. Nifty50 is currently 18,170.20 down 96.40 points or 0.53%. Out of 50 stocks traded on the BSE, 16 advanced and 34 declined.
Nifty Bank is 39,692.45 up 0.44%.
IOC, Kotak Bank, BPCL, ONGC, and Power Grid are the top gainers. Tech Mahindra, TCS, HCL Tech, IndusInd Bank, and Hero MotoCorp are the top losers.
Meanwhile, Asian markets slipped in Thursday trade, as investors monitored shares of developer China Evergrande Group in Hong Kong. Evergrande shares slumped over 10.5% after the debt-laden firm announced in an exchange filing late Wednesday that a deal to sell a 50.1% stake in its property services business to another developer Hopson had fallen through.