Mumbai, Feb. 5 -- The domestic equity indices traded with major losses in the mid- afternoon trade. The Nifty traded below the 25,600 level. Private bank shares declined after advancing for third consecutive trading session.

At 14:28 IST, the barometer index, the S&P BSE Sensex, slumped 587.21 points or 0.70% to 83,357.23. The Nifty 50 index fell 179.40 points or 0.70% to 25,596.60.

In the broader market, the S&P BSE 150 MidCap Index fell 0.57% and the S&P BSE 250 SmallCap Index tanked 0.97%.

The market breadth was negative. On the BSE, 1,574 shares rose and 2,483 shares fell. A total of 189 shares were unchanged.

RBI MPC:

The Reserve Bank's rate-setting panel has started its three-day meeting for the next bi-monthly monetary policy...