Mumbai, April 25 -- The headline equity benchmarks traded with major losses in early afternoon trade, as investor sentiment turned cautious amid rising geopolitical tensions following a deadly terrorist attack on tourists in Kashmir. The incident cast a shadow over the markets, with escalating tensions between India and Pakistan triggering a risk-off mood.

Meanwhile, the ongoing earnings season has done little to lift the mood, with a slew of companies missing estimates and reporting weaker-than-expected numbers, adding another layer of caution to an already jittery market.

The Nifty slipped below the 23,950 mark. Realty shares extended losses for two consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex t...