Mumbai, Oct. 21 -- The key equity benchmarks extended losses in afternoon trade, weighed down by elevated crude oil prices. Broader market also slumped. Chemical stocks witnessed sharp selling pressure, while IT shares bucked the weak market trend. The Nifty traded below the 22,750 mark after hitting an intraday high of 23,120.

At 13:30 IST, the S&P BSE Sensex declined 389.96 points or 0.53% to 73,462.94. The Nifty 50 index lost 153.50 points or 0.67% to 22,735.45.

The broader market underperformed the frontline indices. The Nifty MidCap 150 Index declined 1.90% and the Nifty SmallCap 250 Index fell 2.35%.

The market breadth was weak. On the BSE, 858 shares rose and 3,468 shares fell. A total of 201 shares were unchanged.

The NSE's In...