Mumbai, Jan 20 (IANS): After rallying smartly in the previous session, a benchmark index for Indian equities markets was ruling 120 points higher around Friday noon on improved investor confidence across the globe. Gainers were led by banking, consumer durables and realty stocks.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,745.01 points, ruled at 16,764.08 points, 120.34 points or 0.72 percent up from its previous close at 16,643.74 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also was trading higher at 5,049.00 5,049 points -- up 0.62 percent or 31.1 points from its previous close.

Indian equities have been consistently gaining since the new year. According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors have pumped in over $1 billion in this month itself.

Broader markets also moved up with the BSE 500 index ruling 0.78 percent higher from its previous close. The BSE midcap index was ruling 1 percent up and the BSE smallcap index gained 0.89 percent.

Prominent gainers on the 30-scrip Sensex included ICICI Bank, Bajaj Auto, Wipro and Jindal Steel. Among losers were Coal India, Maruti Suzuki, M&M and Gail India.

The market breadth was positive with 1,516 stocks advancing, 934 on the decline and 125 remaining unchanged.

Asian markets rose buoyed by signs of recovery in the US economy and the International Monetary Fund's plans to increase its lending capacity.

The Japanese Nikkei rose 1.47 percent and closed at 8,766.36 points, while Hong Kong's Hang Seng moved up 0.51 percent to trade at 20,044.76 points.

The Chinese Shanghai Composite index rose 0.91 percent and was ruling at 2,317.01 points.