Mumbai, Aug. 28 -- The domestic equity benchmarks traded with modest cuts in the early 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. Pharma shares declined for the second consecutive session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 478.80 points or 0.59% to 80,307.74. The Nifty 50 index slipped 119.30 points or 0.48% to 24,589.30.

In the broader market, the S&P BSE Mid-Cap index slipped 0.51% and the S&P BSE Small-Cap index fell 0.40%.

The market breadth was negative. On the BSE, 1,618 sha...