Mumbai, Feb. 3 -- The headline equity benchmarks traded with significant losses in the morning trade, following the announcement by US President Donald Trump of new tariffs on goods from Canada, Mexico, and China. This move has sparked concerns about an escalating global trade war, dampening investor sentiment. The Nifty traded below the 23,300 level. Oil & gas shares extended losses for the two consecutive trading sessions.

At 10:30 ST, the barometer index, the S&P BSE Sensex, tumbled 553.64 points or 0.71% to 76,953.96. The Nifty 50 index declined 200.90 points or 0.86% to 23,281.25.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 1.27% and the S&P BSE Small-Cap index lost 1.80%.

The market...