Mumbai, April 30 -- The headline equity indices traded with sharp losses during the early afternoon session, amid heightened volatility triggered by exit poll predictions for state elections. Investor sentiment weakened further as oil prices surged to historic highs and the rupee depreciated to a record low. Continued selling by foreign institutional investors (FIIs) added to the downward pressure, while the monthly Sensex derivatives expiry amplified market volatility. The Nifty hovered near the 23,900 level, with metal stocks declining after gains in the previous three trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex dropped 817.74 points or 1.06% to 76,678.62. The Nifty 50 index plunged 276.60 points or 1.11% to...