Mumbai, June 2 -- The headine equity benchmarks traded with substantial gains in the mid-afternoon trade supported by a decline in crude oil prices. Investor sentiment improved, boosting risk appetite across the market. Market participants are also closely monitoring developments related to the ceasefire situation. The Nifty rebounded sharply from its intraday low of 23,229.15 and traded above the 23,500 mark. IT shares extended gains for the third consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex jumped 510.32 points or 0.69% to 74,783.55. The Nifty 50 index rallied 146.60 points or 0.63% to 23,530.45.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index rose 0.36% and the B...