Mumbai, Dec. 22 -- The key equity benchmarks traded with strong gains in early afternoon trade, buoyed by optimism over the India-New Zealand Free Trade Agreement. Investors will keep track crucial economic data including US GDP data, scheduled later this week. Further, market participants are also closely monitoring rupee movement, FII activity, ongoing IPO activity, and global cues. The Nifty traded near the 26,150 mark.

Pharma shares witnessed buying demand for second consecutive trading session.

At 14:25 IST, the barometer index, the S&P BSE Sensex surged 569.20 points or 0.67% to 85,498.66. The Nifty 50 index added 186.75 points or 0.72% to 26,151.26.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index...