Mumbai, April 24 -- The key equity benchmarks continued to trade with sharp losses in mid-morning trade as investor sentiment remained cautious amid stalled US-Iran negotiations, uncertainty over the reopening of the Strait of Hormuz and a sharp surge in crude oil prices above the $105-per-barrel mark. Until signs of de-escalation emerge, the overhang on crude oil prices, the rupee, and institutional flows is expected to persist. Investors are also closely monitoring Q4 earnings for further cues. The Nifty traded below the 23,950 mark.

Media shares declined after advancing in the past seven consecutive trading sessions.

At 11:25 IST, the barometer index, the S&P BSE Sensex declined 857.38 points or 1.10% to 76,806.62. The Nifty 50 index...