Mumbai, Dec 18 (IANS): Key indices of the Indian equities markets -- S&P BSE Sensex and NSE Nifty50 -- ceded some of their gains during the late-afternoon trade session on Monday as counting trends in Assembly polls showed a reduced tally for BJP in Gujarat.

However, the key indices remained in green as the party was still favoured to form the next state government in the Western Indian state.

At 3.00 p.m., the barometer 30-scrip Sensitive Index (Sensex) of the BSE, traded at 33,583.10 points -- up 120.13 points or 0.36 per cent -- from its previous close.

The Sensex touched a high of 33,801.90 points and a low of 32,595.63 points during the intra-day trade so far.

The wider Nifty50 of the National Stock Exchange (NSE) traded higher by 45.35 points or 0.44 per cent at 10,378.60 points.

"As expected, the markets rebounded from the lows of 10,075 points once it was clear that BJP was set to win the Gujarat elections with a margin which was better than that expected in early morning. However it has yet not made a new high above the previous 10,490 points (the intra-day high being 10,443 points)," Deepak Jasani, Head of Retail Research for HDFC Securities, told IANS.

"Sectorally, pharma, PSU bank, auto, telecom and metals indices have gained the most, while Realty has slipped marginally into red. Market volumes are high as is expected on such days. A break of 10384-10430 band could take the Nifty sharply in that direction."