Mumbai, July 31 -- The headline equity benchmarks traded sideways in the mid-afternoon trade, with volatility 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 remains volatile due to the weekly Nifty50 F&O expiry.

FMCG shares extended gains for the fourth consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex shed 16.76 points or 0.02% to 81,484.70. The Nifty 50 index added 10.90 points or 0.04% to 24,865.95.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 0.50% and the S&P BSE Small-Cap index fell 0.51%.

The market...