Mumbai, Dec. 22 -- The key equity benchmarks traded with substantial gains in early afternoon trade. Investors will keep track crucial economic data including US GDP data, scheduled later this week. Market participants are also closely monitoring rupee movement, FII activity, ongoing IPO activity, and global cues. The Nifty traded near the 26,150 mark.

Media shares witnessed extending gains for two consecutive trading sessions.

At 12:25 ST, the barometer index, the S&P BSE Sensex, rose 505.69 points or 0.59% to 84,433.33. The Nifty 50 index added 178.75 points or 0.69% to 26,145.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.91% and the S&P BSE Small-Cap index added 1.07%.

The market breadth was positive. On the BSE, 2,80...