Mumbai, Aug. 28 -- The headline equity benchmarks traded with substantial losses in the mid-afternoon trade, after the United States imposed an additional 25% tariff on Indian imports, which came into effect a day earlier. Meanwhile, the expiry of Nifty futures monthly contracts contributed to increased market volatility.

The Nifty traded below the 24,600 level. Private bank shares extended gains for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, declined 530.13 points or 0.65% to 80,255.40. The Nifty 50 index dropped 147.55 points or 0.59% to 24,565.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.64% and the S&P BSE Small-Cap index slipped 0.57%...