Mumbai, May 12 -- The key equity indices traded with substantial gains in early afternoon trade as India and Pakistan reached a ceasefire agreement over the weekend, easing geopolitical tensions that had escalated amid days of heavy missile and drone attacks on military targets. The Nifty traded above the 24,650 mark.

Media shares witness buying demand for fourth consecutive trading session.

At 12:25 IST, the barometer index, the S&P BSE Sensex, jumped 2,218.21 points or 2.80% to 81,679.50. The Nifty 50 index gained 691.95 points or 2.88% to 24,699.95.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 3.05% and the S&P BSE Small-Cap index gained 3.74%.

The market breadth was strong. On the BSE, ...