Mumbai, Dec. 5 -- The key equity benchmarks traded with modest gains in the early afternoon trade, after the RBI trimmed the repo rate by 25 basis points to 5.25%. Traders are tracking ongoing IPO activity, crude oil trends and global cues. Market participants are also looking ahead to the US Personal Consumption Expenditure data scheduled for release on Friday, which could influence Fed policy. The Nifty traded above the 26,150 mark. IT shares witnessed buying demand for the third consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, advanced 458.01 points or 0.54% to 85,723.33. The Nifty 50 index rose 145.55 points or 0.56% to 26,179.30.

The broader market underperformed the frontline indices. The S&P BSE...