As IT stocks decline, the Sensex and Nifty continue to trade down; mid- and small-cap indices increase by around 2%.

On May 16, benchmark indices Nifty and Sensex continued to decline, driven down by a steep selloff in banking, pharmaceutical, and IT equities that affected mood generally. The overall market held up well, though, with small and mid-cap companies continuing to beat their large-cap counterparts.

The Nifty was down 85.10 points, or 0.34 percent, at 24,977.00 at noon, while the Sensex was down 309.81 points, or 0.38 percent, at 82,220.93. Approximately 122 shares stayed the same, 1180 shares fell, and 2218 shares increased.