Mumbai, Jan 20 (IANS): The Indian equity indices continued its upward trend during the afternoon session on Wednesday with the BSE Sensex rising above the 49,700-mark.

Healthy buying was witnessed in IT and auto stocks.

Rise in the share price of index-heavyweight Reliance Industries (RIL) also supported the Sensex. Around 1.55 p.m. RIL shares on the BSE were trading at Rs 2,050.25, higher by Rs 33.95 or 1.68 per cent from its previous close.

Sensex was trading at 49,742.40, higher by 344.11 points or 0.70 per cent from its previous close of 49,398.29.

It opened at 49,508.79 and has so far touched an intraday high of 49,747.21 and a low of 49,373.68 points.

The Nifty50 on the National Stock Exchange was trading at 14,626.35, higher by 105.20 points or 0.72 per cent from its previous close.

Gaurav Garg, Head of Research, CapitalVia Global Research Limited noted that investors in Asian markets were poised for gains on Wednesday after Wall Street indexes rose on the back of US Treasury Secretary nominee Janet Yellen's push for a sizable fiscal relief package in response to the Covid-19 pandemic.

"Quarterly results of 36 companies are due for today which can result in higher volatility in the second half, Bajaj Finance, Bajaj Finserv and HDFC Asset Management Company being in a major focus," he said.

Jay Purohit, Technical & Derivatives Analyst with MOFSL said: "The advance decline ratio is tilted towards the bulls and heavyweights are providing strength to the market. Bank Nifty opened positive but saw a slight intraday dip. Overall sentiment of the market remains in the bullish mood."