Mumbai, April 28 -- The domestic equity benchmarks traded with major gains in the afternoon trade as investor sentiment remained cautious amid fading hopes of a swift resolution to the ongoing US-Iran conflict, which has reignited a surge in oil prices. Market volatility intensified due to the monthly Nifty 50 derivatives expiry today. The Nifty slipped below the 24,050 mark. Meanwhile, PSU bank stocks corrected after advancing in the past trading session.

At 13:30 ST, the barometer index, the S&P BSE Sensex dropped 310.37 points or 0.41% to 77,003.81. The Nifty 50 index fell 72 points or 0.29% to 24,017.55.

In the broader market, the BSE 150 MidCap Index shed 0.02% and the BSE 250 SmallCap Index added 0.18%.

The market breadth was neg...