Mumbai, July 24 -- The domestic equity indices traded with substantial losses in the early afternoon trade. The Nifty traded below the 23,750 mark. Metal shares extended losses for the third consecutive trading session.

At 12:25 IST, the barometer index, the S&P BSE Sensex, slipped 505.46 points or 0.66% to 75,885.93. The Nifty 50 index fell 129.25 points or 0.54% to 23,741.75.

In the broader market, the BSE 150 MidCap Index dropped 0.59% and the BSE 250 SmallCap Index declined 0.63%.

The market breadth was negative. On the BSE, 1,475 shares rose and 2,386 shares fell. A total of 233 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 4.99% to 14.15. Th...