Mumbai, Nov 22 (IANS): A benchmark index for Indian equities markets was ruling about 178 points higher, a little before Tuesday noon, even as the rupee fell to a new low.

The value of the Indian rupee fell to an all-time low of 52.73 to a dollar Tuesday morning as demand for the greenback by oil companies and investors rose sharply.

The 30-scrip sensitive index (Sensex) of the BSE, which opened lower at 15,995.69 points, was ruling around noon at 16,124.35 points, up 178.25 points or 1.12 percent from its previous close at 15,946.1 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading in the positive, 40.1 points or 0.84 percent higher at 4,818.45 points.

Broader markets were also ruling higher with the BSE midcap index up 0.75 percent. IT, telecom, capital goods and energy scrips were among the major gainers at this time.

The market breadth at the BSE was positive with 1,211 stocks advancing and 1,102 scrips declining. Another 114 remained unchanged.

Among gainers on the Sensex were: Tata Motors, Cipla, Infosys and TCS while the losers included Bharti Airtel, Bajaj Auto, Hero MotoCorp and M&M.

Asian markets continued to trade lower for the fifth straight session as the political leadership in Europe still could not come up with concrete steps that would reduce their huge debt.

Compounding the problem is the inability of the US' "supercommittee" - a 12-member bipartisan panel which is supposed to suggest measures of cutting the country's fiscal deficit by $1.2 trillion over 10 years.

The Japanese Nikkei was ruling subdued at 8,325.22 points, down 0.28 percent, while Hong Kong's Hang Seng was ruling 0.47 percent lower at 18,140.95 points.

The Chinese Shanghai composite index was ruling 0.35 percent down at 2,406.8 points.