Mumbai, Dec. 31 -- The domestic equity benchmarks traded with major gains in the afternoon trade, ending a four-session losing streak on the final trading day of the year, as bargain hunting lifted indices despite ongoing concerns over sustained foreign fund outflows.

The Nifty traded above the 26,150 mark. Barring the Nifty IT index, all other sectoral indices on the NSE traded in the green, with the Oil & Gas, Metal and PSU Bank indices gaining the most.

At 13:28 IST, the barometer index, the S&P BSE Sensex rallied 643.50 points or 0.76% to 85,318.58. The Nifty 50 index climbed 215.50 points or 0.84% to 26,154.70.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index jumped 1.03% and the S&P BSE Small-Cap i...