Mumbai, Aug 9 (IANS): Stock specific buying activity supported equity markets' northward trajectory during the post-noon session on Monday.

However, gains were capped as Asian shares fell, while rising Delta virus cases made investors' nervous.

Amongst sectors, banking stocks gained the most while oil and gas and realty were the main loser.

The Sensex at around 12.15 p.m. traded at 54,324.06, higher by 46.34 points or 0.085 per cent from its previous close.

The Nifty50 traded at 16,244.60, higher by 6.40 points or 0.039 per cent from its previous close.

"Nifty after opening mildly higher has given up morning gains on August 9. Muted Asian markets also did not help," said Deepak Jasani, Head of Retail Research, HDFC Securities.

"Stock-specific moves are visible as the Q1 results announcement continues. Markets are waiting for further cues from European markets that will open shortly."

According to Likhita Chepa, Senior Research Analyst at CapitalVia Global Research: "The Indian benchmark is trading with a small positivity and has been constantly able to sustain above the level of 15,200 which has strengthened the belief in positivity for investors."

"Our research suggests that 16,200 is an important support level for the market in the short term and we can expect the volatility in the market to expand and attain new levels of 16,500."