Pharma stocks are likewise weak, with Cipla, Dr Reddy's and Sun Pharma losing 1-3 percent each on BSEThe benchmark indices have slid almost one percent in the late afternoon to touch the lows of the day, amidst a volatile session of trading, dragged by weakness in pharma stocks.At 2:50 pm, the BSE Sensex plunged more than 700 points from intra-day highs and was at 48,335.01, lower by 383.55 points or 0.74 per cent and the NSE Nifty was at 14,511.17, down 119.05 points or 0.82 percent.

The BSE Midcap and BSE Smallcap indices are, nevertheless, exceeding the largecap stocks, with losses of around 0.3 percent each.Meanwhile, the rupee is trading flat at 73.95 per dollar.

It had opened marginally higher at 73.90 per dollar versus the previous close of 73.93.

Among individual shares, Tata Customer Products has dived almost 5 percent to top the loser's list amongst the BSE stocks.

Pharma stocks are also trading weak, with Cipla, Dr Reddy's and Sun Pharma losing 1-3 per cent each on the BSE.Among stocks in the news, Tata Chemicals shares plunged more than 7 percent to Rs 720 after the chemicals giant reported a huge decline in profit in the quarter ended March 2021.

On the other, Bajaj Finance, SBI Life Insurance and SBI acquired around a percent each on the BSE.The BSE market breadth is strong.

Out of 3,016 stocks traded on the BSE, there are 1531 advancing stock as versus 1,310 declines.