Mumbai, July 14 -- The frontline equity indices remained under heavy selling pressure in mid-afternoon trade, as as investors remained wary of escalating geopolitical tensions following the US-Iran conflict. Fears of higher crude oil prices and mounting inflationary pressures dampened sentiment, pushing the Nifty below the 24,050 mark.

Going ahead, investors will closely monitor further developments in the US-Iran conflict, movements in crude oil prices, the ongoing Q1 earnings season, corporate business updates, and the progress of the southwest monsoon for cues on the market's near-term direction.

PSU bank shares declined after advancing in the past three consecutive trading sessions.

At 14:30 ST, the barometer index, the S&P BSE Sen...