Mumbai, Sept. 11 -- The key equity benchmarks traded with major cuts in early trade, as Brent crude surged to $110 per barrel amid an escalation in the Middle East conflict, prompting investors to flee risk assets. India remains particularly vulnerable to higher oil prices. Markets were also weighed down by a busy IPO season, with large offerings from NSE and potentially Jio Platforms. The Nifty traded below the 23,300 level. Realty, metal and auto shares declined, while IT stocks advanced on the NSE.

At 09:30 IST, the barometer index, the S&P BSE Sensex, tanked 632.55 points or 0.85% to 74,274.27. The Nifty 50 index lost 217.90 points or 0.90% to 23,259.90.

In the broader market, the BSE 150 MidCap Index fell 1.25% and the BSE 250 Smal...