Mumbai, May 23 -- The headline equity benchmarks traded with significant gains in early afternoon trade, supported by ITC. However, further upside may be capped due to concerns over foreign fund flows and the weakening fiscal outlook of the United States. Media stocks extended gains for the third consecutive trading session. The Nifty traded above the 24,850 mark.

At 12:30 IST, the barometer index, the S&P BSE Sensex, zoomed 823.31 points or 1.03% to 81,782.39. The Nifty 50 index advanced 263.75 points or 1.07% to 24,875.35.

In the broader market, the S&P BSE Mid-Cap index advanced 0.51% and the S&P BSE Small-Cap index jumped 0.60%.

The market breadth was positive. On the BSE, 2,264 shares rose and 1,444 shares fell. A total of 196 sha...