Mumbai, April 13 -- The key domestic equity benchmarks traded sharply lower in early trade, tracking weak global cues after the breakdown of U.S.-Iran ceasefire talks and a sharp surge in crude oil prices, which heightened concerns that the Middle East conflict could prolong and disrupt global markets. Nifty traded below the 23,600 level. All sectoral indices on the NSE traded in the red, with PSU bank, realty, and oil & gas shares declining the most.

At 09:30 IST, the barometer index, the S&P BSE Sensex, tanked 1,484.99 points or 1.91% to 76,065.26. The Nifty 50 index declined 461.30 points or 1.92% to 23,589.30.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index slipped 1.50% and the BSE 250 SmallCap Index...