The domestic equity indices were trading on a firm footing in early afternoon trade. Optimism surrounding quarterly earnings supported buying in domestic shares. At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 120.92 points or 0.25% at 48,839.44. The Nifty 50 index gained 38.95 points or 0.27% at 14,673.10. In the broader market, the S&P BSE Mid-Cap index added 0.96% while the S&P BSE Small-Cap index rose 1.05%. The market breadth was strong. On the BSE, 1,807 shares rose and 971 shares fell. A total of 170 shares were unchanged. Derivatives: The NSE's India VIX, a gauge of market's expectation of volatility over the near term, dropped 3.14% to 22.9475. The Nifty 27 May 2021 futures were trading at 14,729.25, at a premium of 56.15 points as compared with the spot at 14,673.10.