Mumbai, April 24 -- The headline equity benchmarks traded with major losses in the afternoon trade as investor sentiment remained cautious amid stalled US-Iran negotiations, uncertainty over the reopening of the Strait of Hormuz and a sharp surge in crude oil prices above the $105-per-barrel mark. Until signs of de-escalation emerge, the overhang on crude oil prices, the rupee, and institutional flows is expected to persist. Investors are also closely monitoring Q4 earnings for further cues.

The Nifty traded below the 23,900 level. All the sectoral indices on the NSE were traded in the red, with IT, media and pharma shares declining the most.

At 13:30 IST, the barometer index, the S&P BSE Sensex fell 1,108.47 points or 1.42% to 76,557.7...