Mumbai, June 1 -- The domestic equity benchmarks traded with substantial losses in mid-afternoon trade as investors remained cautious amid escalating geopolitical tensions in the Middle East. Sentiment was further weighed down by a sharp rise in Brent crude oil prices and the depreciation of the rupee, raising concerns about inflationary pressures on the domestic economy. The Nifty slipped below the 23,500 level. FMCG shares extended losses for the third consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex declined 458.03 points or 0.61% to 74,317.71. The Nifty 50 index fell 143.10 points or 0.61% to 23,403.35.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index fell 1.23% and ...