In mid-afternoon trading, Indian equity benchmarks faced substantial losses, driven by volatility from state election exit polls and surging oil prices. The S&P BSE Sensex plummeted by 471.51 points (0.61%) to 77,024.85, and the Nifty 50 index fell 161.55 points (0.68%) to 24,015.25. The broader market also suffered, with the BSE 150 MidCap Index down 0.89% and the BSE 250 SmallCap Index down 0.54%. The market breadth was negative, with 2,579 shares declining against 1,517 advancing. The Nifty PSU Bank index saw a notable decline of 1.91%, with major banks like Indian Bank and Bank of India experiencing significant drops. The rupee weakened to 94.12 against the dollar, compounding market concerns. Additionally, Brent crude oil prices rose to $111.57 per barrel, further impacting investor sentiment.