Mumbai, May 2 -- The domestic equity benchmarks erased all gains and traded with moderate losses in the early afternoon trade. The Nifty traded below the 24,300 level. Consumer durable shares witnessed selling demand for the second consecutive trading session.

At 12:30 ST, the barometer index, the S&P BSE Sensex, shed 48.31 points or 0.06% to 80,196.59. The Nifty 50 index lost 76.20 points or 0.31% to 24,258.

In the broader market, the S&P BSE Mid-Cap index declined 0.67% and the S&P BSE Small-Cap index shed 0.17%.

The market breadth was negative. On the BSE, 1,660 shares rose and 2,089 shares fell. A total of 181 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near ...