Mumbai, April 13 -- The domestic equity benchmarks traded with major losses in mid-afternoon trade amid negative global cues, following the breakdown of U.S.-Iran ceasefire negotiations and a spike in crude oil prices, which heightened fears of an extended Middle East conflict. The Nifty traded below the 23,900 level. IT shares extended losses for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex tanked 572 points or 0.74% to 76,978.25. The Nifty 50 index declined 170.60 points or 0.71% to 23,876.80.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index slipped 0.52% and the BSE 250 SmallCap Index fell 0.27%.

The market breadth was weak. On the BSE, 1,795 shares rose...