Mumbai, July 31 -- The frontline indices erased some losses but still traded with modest declines on Thursday, snapping a two-day winning streak. The sell-off was triggered after U.S. President Donald Trump announced a 25% tariff on Indian goods, effective August 1, along with an additional, unspecified penalty for India's purchase of items from Russia. Trading is volatile due to the weekly Nifty50 F&O series expiry today.

The Nifty traded below the 24,800 level. Consumer durable shares declined after advancing in the past two consecutive trading sessions.

At 10:35 IST, the barometer index, the S&P BSE Sensex declined 187.53 points or 0.24% to 81,287.75. The Nifty 50 index lost 61 points or 0.25% to 24,795.15.

In the broader market, th...