Mumbai, Aug. 25 -- The key equity indices traded with substantial gains in the mid-afternoon trade, driven by strong performance in IT stocks. The upward momentum continued as U.S. Federal Reserve Chair Jerome Powell signaled a potential interest rate cut next month. Investors will also monitor the upcoming manufacturing PMI, services PMI and composite PMI values scheduled for later this week. The Nifty hovered above the 24,950 mark.

Consumer durables shares extended gains for the second consecutive trading session.

At 14:28 IST, the barometer index, the S&P BSE Sensex, advanced 371.90 points or 0.46% to 81,677.27. The Nifty 50 index gained 115.25 points or 0.47% to 24,985.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.31%...