Mumbai, July 2 -- The headline equity benchmarks traded with substantial gains in the morning trade. The Nifty traded above the 24,050 marks. IT shares surged after declining in the past four consecutive trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex, jumped 310.57 points or 0.40% to 77,233.21. The Nifty 50 index rallied 91.55 points or 0.37% to 24,097.40.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index rose 0.54% and the BSE 250 SmallCap Index gained 0.71%.

The market breadth was strong. On the BSE, 2,457 shares rose and 1,283 shares fell. A total of 227 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 3.62% ...