Mumbai, April 23 -- The key equity benchmarks traded with major losses in early afternoon trade as investor sentiment remained cautious amid uncertainty over the reopening of the Strait of Hormuz and a sharp surge in crude oil prices above the $100-per-barrel mark. Investors are also closely monitoring Q4 earnings for further cues.

The Nifty traded below the 24,250 mark. Financial Services shares extended losses for two consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex declined 785.70 points or 1% to 77,730.79. The Nifty 50 index slumped 153.30 points or 0.64% to 24,244.80.

In the broader market, the BSE 150 MidCap Index fell 0.28% and the BSE 250 SmallCap Index shed 0.22%.

The market breadth was posi...