Mumbai, Dec. 26 -- The key equity benchmarks traded with moderate losses in early afternoon trade. Market witnessed subdued volatility and concentrated option open interest signaling limited near-term movement. Investors will keep track on FII outcome, domestic and global economic data, and global cues. Nifty hovered below 26,100 level.

Pharma shares tumbled for third straight session.

At 12:25 ST, the barometer index, the S&P BSE Sensex declined 308.73 points or 0.36% to 85,104.61. The Nifty 50 index dropped 79.30 points or 0.30% to 26,063.35.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.19% and the S&P BSE Small-Cap index added 0.04%.

The market breadth was negative. On the BSE, 1,848 share...