Mumbai, May 11 -- The domestic equity benchmarks traded with major cuts in mid-afternoon 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 23,950 level. Media shares declined after advancing in the previous four trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, tanked 902.72 points or 1.17% to 76,425.47. The Nifty 50 index fell 250.90 points or 1.04% to 23,925.25.

In the broader market, the BSE 150...