Mumbai, Aug 23 (IANS): Positive global cues, along with the announcement on consolidation of public sector banks lifted the key Indian equity indices -- the NSE Nifty 50 and the BSE Sensex -- on Wednesday.

According to market observers, healthy buying in pharma, banking and IT sector stocks supported equity indices' upward trajectory.

At 3.30 p.m., the 30-scrip Sensitive Index (Sensex) provisionally closed higher by 261 points or 0.84 per cent.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained 83.75 points or 0.86 per cent to 9,849.30 points.

The Sensex of the BSE, which opened at 31,407.47 points, provisionally closed at 31,553.24 points (at 3.30 p.m.), up 261.39 points or 0.84 per cent from Friday's close at 31,291.85 points.

The Sensex touched a high of 31,593.39 points and a low of 31,379.25 points in the trade so far.

The BSE Sensex and NSE Nifty had opened higher on Wednesday against their respective previous session's close. The Indian rupee also opened on a strong note against the US dollar.