Mumbai, April 30 -- The frontline equity benchmarks traded with substantial losses in the mid-afternoon trade, amid heightened volatility triggered by exit poll predictions for state elections. Investor sentiment deteriorated further as oil prices surged to historic highs and the rupee weakened 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 slipped below the 24,050 mark.

At 14:30 ST, the barometer index, the S&P BSE Sensex dropped 471.51 points or 0.61% to 77,024.85. The Nifty 50 index plunged 161.55 points or 0.68% to 24,015.25.

In the broader market, the BSE 150 MidCap Index tumbled 0.89% and...