Mumbai, July 4 -- The key equity benchmark traded with modest losses in early afternoon trade, as investors closely monitored the US-India trade deal. The Nifty traded below the 25,400 level. Metal shares declined for the second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, declined 170.20 points or 0.20% to 83,069.27. The Nifty 50 index lost 54.15 points or 0.21% to 25,351.15.

The broader market outperformed frontline indices. The S&P BSE Mid-Cap index fell 0.13% and the S&P BSE Small-Cap index shed 0.05%.

The market breadth was negative. On the BSE, 1,919 shares rose and 1,933 shares fell. A total of 197 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectatio...