The benchmark indices have shed 1 per cent in mid-morning session, on top of the nearly 2 per cent correction witnessed in the previous session, as concerns about extended economic lockdowns in Europe continued to make investors jittery across global markets. The sudden spike in Covid-19 cases India in the past one week is also spooking the bulls on Dalal Street. At 10:40 am, the BSE Sensex was at 48,673.65, lower by 507.65 points or 1 per cent and the NSE Nifty was at 14,400.16, down 148.45 points or 1 per cent.The broader markets are also trading weak, with the BSE Midcap and BSE Smallcap indices shedding more than a per cent respectively.The March derivative series expiry is likely to add volatility to the stock market proceedings during the day, analysts suggest.Overnight, the Nasdaq Composite dropped 2.01 per cent and S&P 500 lost 0.55 per cent, unable to halt the prior day’s sell-off, as investors set aside economic optimism by Fed Chair Jerome Powell and Treasury Secretary Janet Yellen.Meanwhile, oil prices skidded around 2 per cent as fuel demand concerns re-emerged alongside fresh coronavirus pandemic lockdowns, trimming overnight gains spurred by the grounding of a giant container ship blocking crude shipments through the Suez Canal.Brent crude futures slid $1.14, or 1.8 per cent, to $63.27 a barrel at 0139 GMT, after jumping 6 per cent overnight. U.S. West Texas Intermediate (WTI) crude futures dropped by $1.27, or 2.1 per cent, to $59.91 a barrel, after climbing 5.9 per cent overnight.On the IPO front, Laxmi Organic Industries listed at a premium of 20 per cent to the issue price, whereas Craftsman Automation listed at a discount of nearly 9 per cent at Rs 1,359.On the stock-specific front, BPCL, Adani Ports and Tata Motors have lost more than 2 per cent each on the BSE. Banking stocks are also looking weak, with IndusInd Bank, Axis Bank, Kotak Mahindra Bank and SBI weakening up to 2 per cent each.On the other hand, ONGC, Tata Steel, Grasim and L&T have bucked the weak trend with gains of around a per cent each on the BSE.The BSE market breadth is weak. Out of 2,158 stocks traded on the BSE, there are 547 advancing stocks as against 1,540 declines.