Mumbai, Aug 29 (IANS): A benchmark index for Indian equities markets was trading 432 points higher a little before noon Monday, as a relief rally swept the markets on positive global cues and some bargain buying after last week's sell-off.

The 30-scrip sensitive index (Sensex) of the BSE, which opened at 16,080.74 points was ruling 16,281.75 points, up 432.92 points or 2.73 percent from its previous close at 15,848.83 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading higher, 2.62 percent up at 4,872.2 points.

Broader markets were also ruling in the green. The BSE midcap index was ruling 1.84 percent higher, while the BSE smallcap index was up 1.58 percent.

All 13 sectoral indices on the BSE were in the green, while IT, banking and metal scrips were among major gainers.

At the BSE, the market breadth was positive with 1,903 stocks advancing, 518 scrips declining and 75 remaining unchanged.

Among major gainers on the Sensex were Jindal Steel, TCS, Tata Motors and Tata Steel, while the only two losers at this time were Maruti Suzuki and Cipla.

Asian markets rose were mostly in the green taking hopes from a speech by Federal Reserve chief Ben Bernanke Friday where he said the ailing US economy would eventually return to robust health.

The benchmark Japanese Nikkei was up 0.28 percent at 8,822.79 points, while Hong Kong's Hang Seng was trading 1.28 percent higher at 19,833.72 points.

However, the Chinese Shanghai Composite index was down 1.25 percent at 2,579.47 points.