Mumbai, Aug 23 (IANS): Positive global cues along with healthy buying in IT stocks lifted India's key equity market indices' during the mid-afternoon trade session on Monday.

Initially, market indices' opened a gap up in line with gains in the Asian markets.

However, the two key indices fell post the morning sessions' rise. They later recovered.

Sector wise, IT, Pharma, Metal, and Financial Services traded in the green but all other sectors were in the red out of which Realty, Banks and Auto faced the most weakness.

Consequently, the S&P BSE Sensex at 2.10 p.m. rose to 55,647.43, higher by 318.11 points or 0.57 per cent from its previous close.

Similarly, the NSE Nifty50 traded higher. It gained to 16,521.75, higher by 71.25 points or 0.43 per cent from its previous close.

"Volatility is on the rise and declines can be bought as overall bias is again turning to positive led by buying in IT stocks," said Chandan Taparia, Technical and Derivatives Analyst, MOFSL.

According to Likhita Chepa, Senior Research Analyst at CapitalVia Global Research: "Nifty tried to regain its lost ground in the early session today on the back of global positive cues."

"In the lack of important domestic economic data, the market is expected to remain focused on global events in order to gain traction."