Mumbai, Feb. 4 -- The headline equity benchmarks traded with significant gains in the morning trade, following the announcement that the Trump administration in the U.S. had agreed to suspend tariffs on Canada and Mexico. Additionally, China's muted response to the tariff hike helped ease concerns about a potential trade war. The Nifty traded above the 23,500 level. PSU Bank shares advanced after declining for the previous two consecutive trading sessions.

At 10:30 ST, the barometer index, the S&P BSE Sensex, rallied 500.84 points or 0.66% to 77,702.82. The Nifty 50 index added 145.10 points or 0.62% to 23,506.15.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 1% and the S&P BSE Small-Cap index adde...