Mumbai, May 11 -- The domestic equity benchmarks traded with significant losses in the afternoon 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. Concerns over a prolonged Gulf conflict pushed Brent crude above $100 a barrel, while the rupee slipped close to the 95-per-dollar mark. Domestic sentiment also remained fragile after Prime Minister Narendra Modi urged citizens to conserve fuel and avoid non-essential imports such as gold.

The Nifty slipped below 23,950 mark. Pharma, IT and FNCG shares advanced while all the sectoral indices on the NSE traded in the red.

At 13:28 IST, the barometer index, the S&P BSE Sensex tumbled 84...