Mumbai, Feb. 12 -- The key equity benchmarks traded with substantial losses in the early afternoon trade, weighed down by profit booking. Sentiment remained cautious due to the expiry of BSE derivatives contracts and FII selling, prompting a shift toward a risk-off approach. The Nifty traded below the 25,850 mark. Oil & gas shares tumbled after rallying for four consecutive trading sessions.

At 12:30 ST, the barometer index, the S&P BSE Sensex, declined 437.21 points or 0.52% to 83,796.43. The Nifty 50 index fell 118.75 points or 0.46% to 25,834.85.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index dropped 0.56% and the BSE 250 SmallCap Index slipped 0.76%.

The market breadth was weak. On the BSE, 1,570 ...