Mumbai, July 29 -- The headline equity indices traded with strong gains on Wednesday, with the Nifty trading above the 24,200 mark in morning trade. IT stocks extended their rally for the fourth consecutive session, supported by sustained buying amid upbeat corporate earnings and optimism over the sector's outlook. Positive global cues, continued foreign fund inflows, and investor focus on the U.S. Federal Reserve's policy decision also lifted overall market sentiment.

At 10:30 IST, the barometer index, the S&P BSE Sensex, surged 853.19 points or 1.11% to 77,619.11. The Nifty 50 index jumped 241.30 points or 1% to 24,226.55.

In the broader market, the BSE 150 MidCap Index shed 0.46% and the BSE 250 SmallCap Index fell 0.83%.

The market...