The Indian equity benchmarks came off intraday lows but continue to trade with a negative bias owing to weakness in banking, auto, metal and real estate shares. The benchmarks staged a gap down opening on fears of foreign fund outflows after yield on 10-year US bonds spiked above 1.7 per cent mark. The Sensex fell as much as 630 points and Nifty 50 index briefly dropped below its important psychological level of 14,400. However, buying in FMCG heavyweights like ITC and Hindustan Unilever helped benchmarks stage recovery from lower levels.As of 12:26 pm, the Sensex was down 78 points at 49,138 and Nifty 50 index declined 24 points to 14,534.Eight of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Realty index’s 2.6 per cent decline. Nifty Bank, Auto, Media, Metal, PSU Bank and Private Bank indexes also fell over 1 per cent.On the other hand, FMCG, Pharma and IT indices were trading higher.Mid- and small-cap shares were also facing selling pressure as Nifty Midcap 100 index fell 0.65 per cent and Nifty Smallcap 100 index declined 1.14 per cent.Larsen & Toubro, HDFC Bank, ICICI Bank, Bajaj Finance, Axis Bank and Maruti Suzuki were among the top drags on the Sensex.In the primary markets, Suryoday Small Finance Bank IPO was subscribed 1.328 times while Nazara Technologies share sale was subscribed 18 times.Shares of Kishore Biyani-led Future Group companies fell as much as 10 per cent after the Delhi High Court upheld the Singapore International Arbitration Centre’s order restraining Future Retail from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business, which was challenged by US-based e-commence giant Amazon.Bajaj Finance was top Nifty loser, the stock fell 2.55 per cent to Rs 5,235. Larsen & Toubro, Mahindra & Mahindra, Tata Motors, GAIL India, Maruti Suzuki, Bajaj Finerv, Hindalco, Tech Mahindra, Hero MotoCorp, Shree Cements and IndusInd Bank also fell between 1-2 per cent.On the flipside, NTPC, Power Grid, ITC, Hindustan Unilever, Coal India, UPL, Nestle India, Indian Oil and HCL Technologies were among the losers.The overall market breadth was extremely negative as 1,894 shares were declining while 835 were advancing on the BSE.