Mumbai, May 2 -- The frontline indices traded with modest gains in the afternoon trade, driven by renewed global optimism and rising expectations of a potential trade agreement between the United States and India. The Nifty traded tad above the 24,350 mark. Oil & gas, IT and media shares advanced, while consumer durables, pharma and realty shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, surged 291.32 points or 0.37% to 80,540.63. The Nifty 50 index rose 33.50 points or 0.12% to 24,351.25.

In the broader market, the S&P BSE Mid-Cap index shed 0.27% and the S&P BSE Small-Cap index added 0.14%.

The market breadth was negative. On the BSE, 1,821 shares rose and 1,989 shares fell. A total of 168 shares were unchanged...