Mumbai, Oct. 30 -- The key equity benchmarks traded with major gains in early afternoon trade. The Nifty traded above the 23,050 level. Private Bank shares extended gains for the third consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex jumped 516.54 points or 0.70% to 74,666.51. The Nifty 50 index rose 156.80 points or 0.68% to 23,092.60.

The broader market underperformed the frontline indices. The Nifty MidCap 150 Index declined 0.50% and the Nifty SmallCap 250 Index fell 1.34%.

The market breadth was negative. On the BSE, 1,423 shares rose and 2,641 shares fell. A total of 240 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term...