The benchmark indices pared losses in afternoon trade as buying emerged at lower levels. At 13:20 IST, the barometer index, the S&P BSE Sensex, dropped 956.03 points or 1.91% at 49,073.80. The Nifty 50 index skid 264.05 points or 1.78% at 14,603.30. A spike in domestic coronavirus cases and fresh curbs imposed by the state government dented investors' sentiment. ICICI Bank (down 3.70%), HDFC (down 3.15%) and HDFC Bank (down 2.37%) were major drags. Selling was broad based. The S&P BSE Mid-Cap index fell 1.40%. The S&P BSE Small-Cap index slipped 1.26%. Sellers outnumbered buyers. On the BSE, 834 shares rose and 1,988 shares fell. A total of 186 shares were unchanged. COVID-19 Update: