Mumbai, Feb. 14 -- The key equity indices erased all the gains and traded with substantial losses in the mid-morning trade. The Nifty traded below the 22,900 level after hitting the day's high of 23,133.70 in early trade. Pharma shares declined after advancing in the past trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, slipped 441.78 points or 0.58% to 75,697.19. The Nifty 50 index declined 165.80 points or 0.72% to 22,865.60.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 2.33%, and the S&P BSE Small-Cap dropped 2.82%.

The market breadth was weak. On the BSE, 688 shares rose and 3,033 shares fell. A total of 127 shares were unchanged.

IPO Update:

The initial public off...