Mumbai, April 9 -- The frontline equity benchmarks traded with substantial losses in the mid-morning trade, as fading hopes of a sustained US-Iran ceasefire weighed on investor sentiment. Market participants are also closely watching the start of the fourth-quarter earnings season, with India's largest IT services firm, TCS, set to announce its results after market hours today, alongside companies such as GM Breweries and Anand Rathi Wealth. Volatility remained elevated due to the weekly expiry of Sensex F&O contracts. The Nifty slipped below the 23,850 mark during the session. IT shares witnessed correction after advancing in the past five consecutive trading sessions.

At 11:27 IST, the barometer index, the S&P BSE Sensex, declined 632....