Mumbai, June 13 -- The key equity benchmarks traded with major losses in morning trade, weighed down by negative global sentiment after Israel declared a state of emergency following strikes on Iranian nuclear and strategic sites. Market participants rushed toward safe-haven assets, while investors closely monitored geopolitical developments and trends in Brent crude oil prices. The Nifty traded below the 24,700 level.

Oil & gas stocks extended their losing streak for a second straight session amid escalating geopolitical tensions.

At 10:25 IST, the barometer index, the S&P BSE Sensex, declined 740.04 points or 0.90% to 80,959.72. The Nifty 50 index fell 225 points or 0.95% to 24,669.60.

In the broader market, the S&P BSE Mid-Cap index...