Mumbai, April 28 -- The headline equity indices erased early gains and slipped into negative territory in mid-morning trade, as investor sentiment remained cautious amid fading hopes of a swift resolution to the ongoing US-Iran conflict, which has reignited a surge in oil prices. Market volatility intensified due to the monthly Nifty 50 derivatives expiry today. The Nifty slipped below the 24,050 mark. Meanwhile, consumer durables stocks extended their rally for a second consecutive session.

At 11:30 IST, the barometer index, the S&P BSE Sensex declined 219.24 points or 0.28% to 77,084.39. The Nifty 50 index fell 44.90 points or 0.18% to 24,047.80.

In the broader market, the BSE 150 MidCap Index shed 0.03% and the BSE 250 SmallCap Index...