Mumbai, Dec 1 (IANS): A benchmark index for Indian equities Thursday was holding on to early gains on positive cues from global markets and after central banks of developed countries said they would make more money available to stimulate growth.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,555.93 points, was ruling at 16,556.59 points, 433.13 points or 2.69 percent up from its previous close at 16,123.46 points.

It had risen to 16,718.11 points, minutes after opening bell.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also shot up to rule at 4,975.4 points, up 2.97 percent or 143.35 points from its previous close.

Broader markets were ruling in the green as well with the BSE 500 index up 2.34 percent. The BSE midcap index was ruling 1.75 percent up while the BSE smallcap index moved up 1.2 percent.

Metals, banking, realty and auto stocks saw robust buying. All 13 sectoral indices on the BSE were also in the green.

The market breadth was positive, with 1,771 stocks advancing and 772 on the decline. Another 95 were unchanged.

Among gainers on the 30-scrip Sensex were: Sterlite Industries, Tata Motors, ICICI Bank and DLF. There were only two losers at this time: Bharti Airtel and Hindustan Unilever.

Asian markets shot up Thursday after the central banks around the world said they would coordinate between themselves and come up with measures to stimulate lending.

The US Federal Reserve, the European Central Bank, and the central banks of the UK, Canada, Japan and Switzerland will start freeing up funds so that banks can lend more. In a separate move, China also said it would initiate similar steps.

The Japanese Nikkei closed 1.93 percent higher at 8,597.38 points. Hong Kong's Hang Seng was ruling 5.45 percent up at 18,969.67 points.

The Chinese Shanghai composite index was trading 2.3 percent higher at 2,387.19 points.