India's benchmark stock indices extended losses through midday, dragged by a decline in Reliance, ITC, and ICICI Bank.

Asian stocks were mixed, while the U.S. stock futures fell as investors weighed the risk of faster rate hikes. Contracts for the S&P 500 and Nasdaq extended declines on report that President Joe Biden is proposing tax increases on billionaires, rich investors, and corporations, though his plans have little chance of passing Congress.

At 12:20 p.m., S&P BSE Sensex fell 288 points or 0.48% to 60,060.33, while the NSE Nifty 50 declined 88 points or 0.50% to 17,666.30.

All Adani Group company shares advanced in trade on Thursday except Adani Enterprises Ltd., and ACC Ltd.

The National Stock Exchange has put Adani Enterprises Ltd., Adani Power Ltd., and Adani Wilmar Ltd. under short-term additional surveillance measures.

The exchange had said on Monday that it would remove Adani Enterprises from the short-term additional surveillance measure framework as of Wednesday. It has now been put back under the framework, with effect from Thursday.

Ambuja Cements Ltd. and Adani Ports and Special Economic Zone Ltd. were removed from the short-term additional surveillance measure framework on Feb. 13.

HDFC Bank Ltd., Bharti Airtel Ltd., Axis Bank Ltd., Larsen and Toubro Ltd., and NTPC Ltd., and were positively contributing to the index NSE Nifty 50.

Whereas, Reliance Industries Ltd., ITC Ltd., ICICI Bank Ltd., TCS Ltd., and Infosys Ltd., were dragging the index.

The broader market indices were trading marginally higher, with the S&P BSE MidCap gaining 0.10% andd S&P BSE SmallCap rising 0.14% by midday session.

Thirteen out of 20 sectors compiled by BSE Ltd. advanced while seven declined in trade.

The market breadth was split between sellers and buyers. About 1,739 stocks rose, 1,589 declined, and 148 remained unchanged on the BSE.