ICICI Bank moved up by 2.6 per cent and Axis Bank by 1.9 per cent. Index heavyweight Reliance Industries gained by 1.9 per cent to Rs 1,957.50 per share.

MSCI's broadest index of Asia Pacific shares outside Japan slipped by 0.2 per cent while Japan's Nikkei faltered by 0.35 per cent and Hong Kong's Hang Seng index by 0.4 per cent.

But all sectoral indices at the National Stock Exchange were in the red except for Nifty IT which jumped by 4.3 per cent and auto which crawled up by 0.3 per cent.

Among stocks, Hindalco gained by 5.1 per cent to Rs 163 per share. Tata Steel moved up by 3 per cent, Vedanta and JSW Steel by 2.2 per cent each.

Metal stocks were up with JSW Steel moving up by 3.2 per cent, Tata Steel by 1.8 per cent and Hindalco by 1.7 per cent. However, among the losers were Axis Bank, ICICI Bank, Adani Ports, Infosys and Maruti Suzuki.

BSE launched the first 'options in goods' contracts on Gold mini and Silver kg based on spot prices from June 1, 2020. These contract are converted in to physical delivery on expiry.

At 10:15 am, the BSE S&P Sensex was down by 431 points or 1.23 per cent at 34,740 while the Nifty 50 edged lower by 130 points or 1.25 per cent at 10,253.

The other prominent gainers were Bajaj Finance, Sun Pharma, Cipla, Adani Ports and Hindalco. But those which lost were Coal India, Bharat Petroleum Corporation, L&T and ICICI Bank.

Economic activity is slowly resuming in pockets of the country as the coronavirus lockdown has entered its third phase in accordance with guidelines issued by the government.

Britannia slipped by 2.7 per cent while Nestle India lost by 1.6 per cent. The other prominent losers were Bharat Petroleum Corporation, ONGC, Kotak Mahindra Bank, Bharti Airtel and Wipro.