Mumbai, May 31 (IANS): After a negative start, the Indian equity markets on Wednesday traded at new highs during the mid-afternoon session with healthy buying in automobile, consumer durables and capital goods stocks.

Market observers opined that investors traded on a cautious note ahead of the release of India's quarterly estimates of GDP growth for the fourth quarter of 2016-17, and the index of eight core industries (ECI) figures for April 2017.

Around 1 p.m., the wider 51-scrip NSE Nifty traded at 9,630.20 points -- up 5.65 points or 0.06 per cent -- after touching a new intra-day high of 9,638.70 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,222.51 points, traded at 31,187.07 points (at 1.00 p.m.) -- up 27.67 points or 0.09 per cent from its previous close of 31,159.40 points.

It touched a new intra-day high of 31,233.68 points.

The BSE market breadth was bullish -- with 1,384 advances and 1,119 declines.

"The equity benchmark indices were mixed in opening trade. The early gainers were M&M (Mahindra and Mahindra) followed by Lupin, Bharti Airtel, Gail, ICICI Bank, Indian Oil Corporation and Hindalco," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"All the sectoral indices, led by realty, auto and consumer durables, traded in the positive zone with gains up to one per cent. Sensex and Nifty both remained rangebound and in the second session, we don't expect any high volatility with consolidation on the menu today for the market."

On Tuesday, the Sensex closed at a new high of 31,159.40 points, after scaling a new intra-day high of 31,220.38 points. The Nifty closed at a new high of 9,624.55 points.