Mumbai, Oct 23 (IANS): Hopes of continuation of an European stimulus package and lower chances of a US rate hike buoyed Indian equity markets and led a barometer index to gain 222 points during the mid-afternoon session on Friday.

Initially, both the bellwether indices opened higher in line with their Asian peers. Hopes of the European Central Bank (ECB) extending its stimulus package cheered investors globally.

Investors' confidence was also restored as the ECB did not hike interest rates during its monetary policy meet on Thursday.

After the ECB meet, equity market participants here have gathered that the US Federal Reserve will refrain from raising interest rates during its monetary policy meet.

However, both the bellwether indices ceded their initial gains as investors were seen reluctant to chase higher prices. Investors were seen to be anxious over the ongoing results season.

The wider 50-scrip Nifty of the National Stock Exchange made gains during the session under review. It was higher by 59.50 points or 0.72 percent at 8,311.20 points.

The barometer 30-scrip sensitive index (S&P Sensex) of the Bombay Stock Exchange, which opened at 27,466.64 points, was trading at 27,509.83 points (at 2.15 p.m.) -- 222.17 points or 0.81 percent higher from its previous close at 27,287.66 points.

The Sensex has so far touched a high of 27,555.06 points and a low of 27,451.23 points during the intra-day trade.

The barometer index closed 19.17 points or 0.07 percent lower on Wednesday, the previous trading session.