Mumbai, Feb 13 (IANS): A benchmark index for Indian equities market was trading more than half a percent up in the late afternoon trade session Wednesday, as automobile, information technology (IT) and bank stocks rallied.

The rebound in the markets came as buyers' sentiments were robust due to hopes of further easing of monetary policy following disappointing government data which showed that the industrial output contracted by 0.6 percent in December 2012.

The 30-scrip Sensex, which opened at 19,601.69 points, was ruling at 19,695.72 points, up 134.68 points or 0.69 percent from its previous close at 19,561.04 points.

The Sensex touched an intra-day high of 19,723.01 points and a low of 19,601.69 points. The midcap index was down 56.22 points, while the smallcap index was lower by 29.87 points.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange (NSE) was trading higher by 37.10 points or 0.63 percent at 5,959.60 points.

There was healthy buying in automobile, IT and bank stocks. However, fast moving consumer goods (FMCG) and public sector undertakings (PSU) scrips plummeted.

The automobile index was up 110.85 points, followed by the IT index, up 85.25 points, and the bank index, up 55.34 points.

Other major indices like the FMCG index was down 9.31 points. And so was the PSU index, down 2.48 points.