Mumbai, May 8 -- The key equity benchmarks traded with modest cuts in early afternoon trade as escalating US-Iran tensions near the Strait of Hormuz dampened global risk sentiment and triggered caution across Asian markets. Persistent foreign fund outflows, elevated crude oil prices, and rising geopolitical uncertainty further weighed on investor confidence, overshadowing optimism about a medium-term recovery in domestic equities. The Nifty slipped below the 24,200 level amid broad-based selling pressure. Metal shares declined after advancing for four consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, lost 532.62 points or 0.68% to 77,311.90. The Nifty 50 index fell 141.80 points or 0.58% to 24,184.85. ...