The Indian equity benchmarks saw significant gains in afternoon trading, with the S&P BSE Sensex climbing 359.60 points (0.48%) to reach 74,892.51 and the Nifty 50 index increasing by 118.15 points (0.51%) to 23,492.05. This rally was driven by value buying in previously beaten-down stocks, particularly in the metal, consumer durables, and oil & gas sectors. In contrast, IT and auto shares experienced declines. The broader market outperformed the frontline indices, with the BSE 150 MidCap Index rising 1.17% and the BSE 250 SmallCap Index increasing 0.70%. The market breadth was strong, with 2,495 shares advancing against 1,549 declining. Notable gainers included Asian Paints (up 5.03%) and Adani Enterprises (up 3.75%). In earnings news, Texmaco Rail & Engineering reported a 45.03% year-on-year increase in net profit, while Jaro Institute of Technology Management and Research saw a 17.33% rise in profits. Global markets also showed mixed trends, with European stocks opening higher while Asian markets reacted to inflation concerns.