Mumbai, Aug 30 (IANS): A benchmark index of Indian equities markets was trading 224 points up in an extremely volatile session Friday ahead of the release of the first quarter gross domestic product (GDP) numbers.

The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 18,424.72 points, was trading at 18,625.25 points around 3.15 p.m., up 224.21 points or 1.22 percent from the previous day's close at 18,401.04 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was trading at 59.45 points or 1.10 percent up at 5,468.50 points.

Extreme volatility in the market was observed after Prime Minister Manmohan Singh informed Parliament that he expected first quarter GDP numbers to be flat, with growth eventually picking up later due to good monsoon.

The prime minister further said that the Indian economy was expected to grow at around 5.5 percent in the current financial year.

The Indian equities markets have seen sharp volatility, amidst heavy selling by foreign institutional investors (FIIs), showing their lack of interest in a weak Indian economy.

Other factors like the free falling rupee, concerns over the widening fiscal deficit due to National Food Security Bill, and the situation in Syria and, thereafter, the fallout on the oil prices have been reining heavily the markets.

In the trade so far the Sensex touched a high of 18,662.46 points and a low of 18,272.76 points during the trade so far.