Mumbai, April 27 -- The key equity indices traded with modest gains in the mid-morning trade, with the Nifty 50 moving above the 24,000 level. Sentiment was supported by reports of Iran proposing a peace initiative to the US aimed at de-escalating ongoing geopolitical tensions, which boosted global risk appetite, along with steady Q4 earnings updates. Media shares surged after declining in the past trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex rallied 428.31 points or 0.56% to 77,092.52. The Nifty 50 index advanced 134.10 points or 0.56% to 24,033.10.

In the broader market, the BSE 150 MidCap Index jumped 1.17% and the BSE 250 SmallCap Index surged 1.65%.

The market breadth was strong. On the BSE, 2,943 shares ...