Mumbai, Aug 27 (IANS): Healthy buying in metal as well as pharma stocks lifted the equity markets during the mid-afternoon trade session on Friday.

However, global cues capped gains.

Initially, the two key indices opened flat, but soon sold off in the first few minutes of trade.

Among sectors, metals, pharma, capital goods and telecom gained the most.

Consequently at 1.50 p.m., the S&P BSE Sensex rose to 56,137.39, higher by 188.29 points or 0.34 per cent from its previous close.

Similarly, the NSE Nifty50 too traded higher. It rose to 16,701.60, up by 64.70 points or 0.39 per cent from its previous close.

"Nifty opened flat on August 27, but sold off in the first few minutes of trade. After making an intraday low at 0930 Hrs, it began to rise gradually," said Deepak Jasani, Head of Retail Research, HDFC Securities.

"Advance decline ratio remains healthy. Among sectors, Capital Goods, Metals and Telecom have gained the most. Asian markets have inched up from morning lows but caution prevails ahead of US Fed's Jackson Hole convention."

According to Gaurav Garg, Head Of Research, CapitalVia Global Research:

"Indian indices are trading marginally higher led by metal and pharma. There was some pressure in the bank earlier because of the Fed commentary which is expected later today."

"This will be a keenly watched event as the market is going to take a clear direction from the same."