Mumbai, Aug 23 (IANS): A benchmark index for Indian equities markets Tuesday crept up around noon, after briefly slipping into the red, amid positive cues from other Asian bourses.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 16,446.85 points and was ruling at 16,424.85 points -- up 83.15 points or 0.51 percent compared to its previous close at 16,341.7 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading in the positive, 0.61 percent up at 4,928.75 points.

Broader markets too were in the green. The BSE midcap index moved up 0.75 percent, while the BSE smallcap index was ruling 0.92 percent higher.

IT, telecom and consumer durables stocks were among major gainers while FMCG and PSU scrips saw some selling.

Among major gainers on the Sensex were Bajaj Auto, Jaiprakash Associates, Bharti Airtel and Jindal Steel. The losers included Coal India, Cipla, ONGC and ITC.

Asian markets rebounded amid hopes that the Libyan political turmoil would soon be over and a new government would help in re-starting oil supplies.

The benchmark Japanese Nikkei closed 1.22 percent higher at 8,733.01 points while the Chinese Shanghai Composite index moved up 0.88 percent at 2,538.01 points.

Hong Kong's Hang Seng was trading 1.07 percent higher at 19,694.85 points.