Mumbai, Aug. 7 -- The key equity benchmarks traded with modest cuts in early trade. The Nifty traded below the 24,600 level. Private bank shares extended losses for the fourth consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, tanked 404.70 points or 0.51% to 78,550.06. The Nifty 50 index fell 61.95 points or 0.25% to 24,574.05.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index declined 0.03% and the BSE 250 SmallCap Index lost 0.02%.

The market breadth was positive. On the BSE, 1,879 shares rose and 1,801 shares fell. A total of 244 shares were unchanged.

Buzzing Index:

The Nifty Private Bank index shed 0.33% to 27,589.25. The index declined 1.72% in the four consecutive...