India, March 27 -- The domestic equity benchmarks traded with major cuts in early afternoon trade, tracking weak global cues amid persistent uncertainty over the de-escalation of Middle East tensions and renewed concerns about inflationary pressures. The rupee also weakened to a fresh record low of 94 against US dollar. Investor sentiment remained cautious due to the lack of clarity on the reopening of the Strait of Hormuz. The Nifty traded below the 23,000 level. Meanwhile, the Indian government has slashed additional excise duty on both petrol and diesel on the backdrop of the ongoing US-Iran war in West Asia. The additional excise duty on petrol has been lowered to Rs 3 per litre from Rs 13 per litre earlier. Meanwhile, the excise duty...