Mumbai, April 27 -- The frontline equity benchmarks traded with strong gains in the mid-afternoon trade, the Nifty traded above the 24,100 level. Sentiment was supported by reports of Iran proposing a peace initiative to the US aimed at de-escalating ongoing geopolitical tensions, which boosted global risk appetite, along with steady Q4 earnings updates.

At 14:30 ST, the barometer index, the S&P BSE Sensex jumped 702.83 points or 0.92% to 77,367.04. The Nifty 50 index advanced 209.05 points or 0.87% to 24,107.95.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index jumped 1.45% and the BSE 250 SmallCap Index surged 1.93%.

The market breadth was strong. On the BSE, 3,045 shares rose and 1,221 shares fell. A to...