Mumbai, May 4 -- The headline equity benchmarks traded with modest gains in mid-afternoon trade as investors monitoring state election results across Assam, Kerala, Puducherry, Tamil Nadu, and West Bengal, along with movements in crude oil and developments in the West Asia conflict. Elevated Brent crude prices, driven by tensions around the Strait of Hormuz, remain a key concern for inflation and the rupee, while corporate earnings present a mixed outlook. Meanwhile, the Nifty hovered above the 24,100 level. Financial services stocks advanced after declining in the previous three consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex advanced 333.69 points or 0.44% to 77,246.55. The Nifty 50 index jumped 114....