Mumbai, Aug. 1 -- The headline equity benchmarks traded with substantial losses in mid-afternoon trade as investors turned cautious following the U.S. imposition of steep tariffs on multiple trade partners and the reaffirmation of a 25% import duty on Indian goods. Investors were also monitoring the ongoing earnings season. The Nifty traded below the 24,650 mark.

Oil & gas shares extended losses for the third consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex declined 363.18 points or 0.45% to 80,822.40. The Nifty 50 index lost 130.45 points or 0.52% to 24,636.25.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 1.30% and the S&P BSE Small-Cap index fell 1.10%....