Mumbai, May 11 -- The key equity benchmarks continued to trade with major cuts in mid-morning trade after U.S. President Donald Trump rejected Iran's response to a U.S. peace proposal, heightening concerns over a prolonged conflict in the Persian Gulf. Domestically, sentiment remained weak after Prime Minister Narendra Modi urged fuel conservation and restraint on non-essential imports, including gold purchases, amid rising energy prices. Nifty traded below the 23,950 level. Realty shares declined for the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, tanked 924.47 points or 1.20% to 76,399.71. The Nifty 50 index fell 253.30 points or 1.05% to 23,922.85.

In the broader market, the BSE 150 MidC...