Mumbai, June 10 -- The equity benchmark indices traded with significant gains in early afternoon trade despite escalation around US-Iran conflict. However, market participants will monitor inflation trajectory, movements in crude oil and gold prices and global cues for further direction. Nifty traded above 23,350 mark.

Pharma shares witnessed buying demand for two consecutive trading sessions.

At 12:25 IST, the barometer index, the S&P BSE Sensex jumped 518.59 points or 0.70% to 74,438.42. The Nifty 50 index rose 136.80 points or 0.59% to 23,377.30.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index fell 0.27% and the BSE 250 SmallCap Index shed 0.26%.

The market breadth was negative. On the BSE, 1,794 s...