Mumbai, May 8 -- The domestic equity benchmarks pared most of the losses but traded with minor cuts in mid-morning trade. The Nifty marched above the 22,250 level after hitting the day's low of 22,185.20. PSU bank shares advanced after declining in past four consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex was down 171.2 points or 0.23% to 73,347.48. The Nifty 50 lost 36.75 points or 0.16% to 22,265.75.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.52% and the S&P BSE Small-Cap index added 0.51%.

The market breadth was positive. On the BSE, 2,076 shares rose and 1,450 shares fell. A total of 169 shares were unchanged.

IPO Update:

The initial public offer (IP...