Key equity indices traded in a narrow range near the day's low in afternoon trade. The Nifty was trading below the 14,800 mark. Rising domestic inflation and increase in COVID-19 cases sapped investors appetite for risk assets. At 13:20 IST, the barometer index, the S&P BSE Sensex, tanked 859.26 points or 1.69% at 49,932.82. The Nifty 50 index lost 256.65 points or 1.71% at 14,774.30. Reliance Industries (down 2.25%), ICICI Bank (down 3.39%) and HDFC Bank (down 2.02%) were major drags. The broader market tumbled. The S&P BSE Mid-Cap index declined 1.80%. The S&P BSE Small-Cap index dropped 1.12%. Sellers outnumbered buyers. On the BSE, 898 shares rose and 2,049 shares fell. A total of 184 shares were unchanged.