Mumbai, Sept. 8 -- The key equity benchmarks continued to trade with modest cuts in mid-morning trade as elevated crude oil prices continue to weigh on the macroeconomic outlook. The Nifty traded above the 23,700 level, while private bank shares extended losses for the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 419.60 points or 0.55% to 75,713.21. The Nifty 50 index lost 99.30 points or 0.42% to 23,680.95.

In the broader market, the BSE 150 MidCap Index added 0.14% and the BSE 250 SmallCap Index rose 0.21%.

The market breadth was negative. On the BSE, 1,975 shares rose and 2,038 shares fell. A total of 232 shares were unchanged.

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