Mumbai, Mar 6 (IANS): A benchmark index for Indian markets was trading nearly 123 points up around noon Tuesday as traders priced in the outcome of the five assembly elections and cautiously eyed the monetary policy review and budget, both due in a few days.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,336.64 points and was ruling at 17,486.01 around 11.50 a.m., up 0.71 percent or 123.21 points from its previous close at 17,362.87 points.

The Sensex had risen to an intra-day high of 17,691.96 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange was ruling 0.78 percent or 44.65 points higher at 5,321.3 points.

Broader markets were also ruling in the green with the BSE 500 index up 0.9 percent. The BSE midcap index was up 1.08 percent, while the BSE smallcap index was trading 0.66 percent higher.

Realty, consumer durables and capital goods stocks were among the major gaining sectors.

The market breadth was positive with 1,458 stocks advancing, 891 on the decline and 91 remaining unchanged.

Asian markets were in the red.

The Japanese Nikkei was trading 0.63 percent lower at 9,637.63 points, while Hong Kong's index was trading 1.39 percent down at 20,968.68 points.

The Chinese Shanghai Composite index was ruling 1.14 percent down at 2,417.09 points.