Mumbai, May 11 -- The headline equity indices traded with sharp losses in morning trade after U.S. President Donald Trump rejected Iran's response to a U.S. peace proposal, heightening concerns over a prolonged conflict in the Persian Gulf. Domestically, sentiment remained weak after Prime Minister Narendra Modi urged fuel conservation and restraint on non-essential imports, including gold purchases, amid rising energy prices. Nifty traded below the 23,900 level. Consumer durables shares declined after advancing in the previous trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, tanked 1,106.59 points or 1.43% to 76,224.21. The Nifty 50 index fell 307.55 points or 1.27% to 23,868.60.

In the broader market, the BSE 15...