Mumbai, April 28 -- The headline equity benchmarks traded with modest cuts in the mid-afternoon trade as investor sentiment remained cautious amid fading hopes of a swift resolution to the ongoing US-Iran conflict, which has reignited a surge in oil prices. Market volatility intensified due to the monthly Nifty 50 derivatives expiry today. The Nifty slipped below the 24,050 mark. Meanwhile, private bank stocks corrected after rising in the past trading session.

At 14:30 ST, the barometer index, the S&P BSE Sensex dropped 397.55 points or 0.52% to 76,906.08. The Nifty 50 index fell 80.75 points or 0.34% to 24,010.90.

In the broader market, the BSE 150 MidCap Index rose 0.01% and the BSE 250 SmallCap Index shed 0.02%.

The market breadth ...