Mumbai : Key Indian equity indices surged during the mid-afternoon trade session on Tuesday as positive global cues, coupled with healthy buying in automobile, consumer durables, and oil and gas stocks, lifted investors’ sentiments.

According to market observers, expectations of an economic stimulus package aided in the equity markets’ rise.

Around 12.45 p.m., the wider 51-scrip Nifty50 of the National Stock Exchange (NSE) rose by 80.90 points, or 0.83 per cent, to trade at 9,869.50 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,537.81 points, traded at 31,552.34 points — up 268.62 points, or 0.86 per cent.

The Sensex has so far touched a high of 31,615.28 points and a low of 31,440.48 points during the intra-day trade.

The BSE market breadth was bullish — with 1,497 advances and 962 declines.

“Benchmark indices traded higher with the Nifty50 trading near 9,850 ahead of the Reserve Bank of India’s policy review that kicks off later in the day. The Indian rupee weakened against the US dollar,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“Top gainers on the NSE were Tata Motors, Gail and Bajaj Auto, while on the losing side were Power Grid, Maruti Suzuki and State Bank of India,” he added.

On Friday, the benchmark indices closed on a flat-to-positive note as investors booked profits.

The Nifty50 was up 19.65 points or 0.20 per cent to close at 9,788.60 points, while the Sensex closed at 31,283.72 points — up a mere 1.24 points.

—IANS