Mumbai, Dec. 29 -- The headline equity benchmarks traded with minor losses in early afternoon trade. The Nifty traded below 26,000 level. IT shares extended losses fourth consecutive trading session.

In the barometer index, the S&P BSE Sensex dropped 270.39 points or 0.32% to 84,772.03. The Nifty 50 index lost 74.40 points or 0.29% to 25,967.90.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.51%, while the S&P BSE Small-Cap index declined 0.60%.

The market breadth was weak. On the BSE, 1,465 shares rose and 2,670 shares fell. A total of 229 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 5.79% to 9.68. Th...