Mumbai, Sep 5 (IANS): A benchmark index of Indian equities markets Thursday surged by 401.53 points or 2.16 percent during pre-noon trade after the speech of the new Reserve Bank of India (RBI) governor Raghuram Rajan the previous day on potential measures injected hope among traders of more economic reforms.

The rally was led by banking index (bankex), consumer durables, fast moving consumer goods (FMCG), public sector undertakings (PSU), capital goods, oil and gas and auto sectors. However, selling pressure was observed in IT and technology, media and entertainment (TECK) sectors.

The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 18,857.60 points, was trading at 18,969.08 points in the pre-noon session, up 401.53 points or 2.16 percent from the previous day's close at 18,567.55 points.

The Sensex touched a high of 19,117.52 points and a low of 18,857.60 points during the trade so far.

The S&P BSE bankex surged by 681.73 points, consumer durables index augmented by 232.97 points, FMCG index gained 224.29 points, PSU index spiralled up by 134.86 points, capital goods index moved up by 173.69 points, oil and gas index increased by 149.48 points and auto index went up by 159.01 points.

However, IT index dipped by 186.37 points and TECK index went down by 68.21 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 129.10 points or 2.37 percent up at 5,577.20 points.