Mumbai, March 24 -- The key equity indices traded with major gains in mid-afternoon trade driven by foreign capital inflows and bargain buying, which boosted investor sentiment. The Nifty traded above the 23,700 level. IT shares extended gains for third consecutive trading sessions.

At 14:26 IST, the barometer index, the S&P BSE Sensex, soared 1,180.08 points or 1.53% to 78,085.50. The Nifty 50 index rallied 350.75 points or 1.50% to 23,701.15.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index jumped 1.67% and the S&P BSE Small-Cap index gained 1.53%.

The market breadth was strong. On the BSE, 2,699 shares rose and 1,373 shares fell. A total of 188 shares were unchanged.

The NSE's India VIX, a gauge of t...