Mumbai, Oct 19 (IANS): A benchmark index for Indian equities Wednesday built on its early gains and was ruling over 250 points higher in afternoon trade, rising above the 17,000-mark. Global cues too were positive.

The 30-scrip sensitive index (Sensex) of the BSE, which opened at 16,883.36 points, was ruling at 17,006.65 points, up 258.36 points or 1.51 percent from its previous close at 16,748.29 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading higher, 0.86 percent or 43.15 points up at 5,080.65 points.

Broader markets were also in the green with the BSE 500 index up 1.41 percent. The BSE midcap index was up 1.18 percent, while the BSE small cap index was ruling 0.81 percent higher.

The market breadth at the BSE was positive with 1,606 stocks on the advance, 996 declining and 127 unchanged.

Some of the major gainers on the Sensex at this time were Hero MotoCorp, Wipro, SBI and Tata Motors. There were only two stocks trading weak, HUL and HDFC.

Buoyed by a overnight rally at Wall Street, Asian markets rose Wednesday.

The Japanese Nikkei Wednesday closed 0.35 percent higher at 8,772.54 points, while Hong Kong's Hang Seng was trading 1.48 percent up at 18,344.55 points.

The Chinese Shanghai composite index was ruling 0.25 percent lower at 2,377.51 points.

European markets too opened on a positive note.