Mumbai, April 22 -- The key equity benchmarks traded with major losses in early afternoon trade as Donald Trump announced an extension of the ceasefire until Iranian leaders submit a unified proposal. Investor sentiment remained cautious amid uncertainty over the ceasefire deadline in the West Asia conflict. However, market participants will track Q4 earnings.

The Nifty slipped below the 24,400 level. Financial Services bank shares declined after gaining in the previous three consecutive trading session.

At 12:28 IST, the barometer index, the S&P BSE Sensex tanked 662.31 points or 0.84% to 78,611.02. The Nifty 50 index declined 174.55 points or 0.71% to 24,402.05.

The broader market outperformed the frontline indices. The BSE 150 MidC...