Mumbai, Oct 7 (IANS) Benchmark indices of Indian equities markets were trading with gains of nearly three percent in the afternoon session Friday, led by strong buying support in metal and banking stocks amid positive cues from global bourses.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened sharply high at 16,222.49 points, was trading at 16,208.09 points in the afternoon session, up 2.63 percent or 415.68 points from its previous close at 15,792.41 points.

The Sensex touched a high of 16,347.48 points and low of 16,198.60 points in the intra-day.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also opened with decent gains and was ruling 2.74 percent higher at 4,881.35 points.

All the broader markets as well as the sectoral indices were also in the positive. The BSE midcap was up 1.31 percent and the small cap was ruling 1.30 percent higher.

Among the sectoral indices of the BSE, the metal index was 4.35 percent higher and the banking index was ruling 3.57 percent higher.

Sterlite Industries surged over 8 percent. Tata Motors, up 6.78 percent; Jindal Steel, up 6.62 percent; DLF, up 5.62 percent and ICICI Bank, up 5.60 percent were among the major gainers on the 30-scrip Sensex.

The country's largest lender State Bank of India was ruling 2.02 percent higher at Rs.1,750. The scrip was battered early this week after Moody's downgraded its rating from C- to D+.

Most other Asian markets advanced for the second straight day on optimism of the European crisis easing.