Mumbai, May 22 -- The key equity indices traded with deep cuts in mid-afternoon trade weighed down by global risk aversion. Market sentiment remained subdued amid concerns that the U.S. budget bill could significantly increase the national debt, potentially threatening the country's status as a global safe haven. Traders are expected to monitor global bond markets and fiscal developments closely in coming days. The Nifty slipped below the 24,500 level. The market is volatile due to the weekly expiry of the Nifty F&O series today.

Oil & gas shares declined after advancing in the past trading session.

At 14:25 IST, the barometer index, the S&P BSE Sensex tanked 1061.11 points or 1.30% to 80,535.83. The Nifty 50 index tumbled 328.70 points...