Mumbai, May 14 -- The key domestic benchmarks traded with strong gains in early afternoon trade, supported by value buying and optimism surrounding easing geopolitical tensions and ongoing US-China trade talks. Investors also remained focused on the ongoing Q4 earnings season. The Nifty traded near the 23,700 level.

PSU Banks hares rebounded on value buying after falling over the past five trading sessions.

At 12:25 IST, the barometer index, the S&P BSE Sensex surged 820.32 points or 1.12% to 75,451.24. The Nifty 50 index added 286.70 points or 1.23% to 23,693.60.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index shed 0.04% and the BSE 250 SmallCap Index fell 0.61%.

The market breadth was strong. On the...