Mumbai, July 31 -- The headline equity benchmarks traded with subsuatntial losses 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 could be volatile due to the weekly Nifty50 F&O series expiry today.

The Nifty traded below the 24,700 level. Oil & gas shares extended losses for the second consecutive trading session.

At 10:35 IST, the barometer index, the S&P BSE Sensex declined 603.62 points or 0.74% to 80,878.74. The Nifty 50 index lost 180.55 points or 0.75% to 24,673.30.

In the broader market, the S&P BSE Mid-Cap index ...