Mumbai, April 1 -- The key domestic indices traded with major cuts in the mid-morning trade, amid concerns over U.S. President Trump's tariff announcements on April 2, which could impact IT demand and overall market sentiment. The Nifty traded below the 23,300 level. IT shares extended losses for the two consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, tanked 1,068.830 points, or 1.38%, to 76,346.09. The Nifty 50 index tumbled 262.10 points, or 1.11%, to 23,257.25.

In the broader market, the S&P BSE Mid-Cap index declined 0.90%, and the S&P BSE Small-Cap index shed 0.09%.

The market breadth was strong. On the BSE, 2,374 shares rose and 1,310 shares fell. A total of 187 shares were unchanged.

The NSE...