Mumbai, Jul 3 (IANS): The Indian equity markets traded with substantial gains during the mid-afternoon session on Monday, following the launch of the country's biggest indirect tax reform -- the Goods and Services Tax (GST) -- at the start of July 1.

According to market observers, investors' sentiments were also buoyed by positive global cues and healthy buying in FMCG, automobile and consumer durables stocks.

At 1 p.m., the wider Nifty of the National Stock Exchange (NSE) traded at 9,604.60 points -- up 83.70 points or 0.88 per cent.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,156.04 points, traded at 31,216.22 points -- up 294.61 points, or 0.95 per cent, from its previous close at 30,921.61 points.

The Sensex has so far touched a high of 31,258.33 points and a low of 31,017.11 during intra-day trade.

The BSE market breadth was bullish -- 1,732 advances and 706 declines.

"Equity benchmarks started off the week on a strong note. Asian markets traded in the positive zone following positive US market closing," said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

"The mid-cap and small-cap indices traded in the green with small-cap trading well over 0.90 per cent while mid-cap traded above 0.78 per cent. Top gainers in the NSE were ITC, Infraltel, Hindalco and VEDL while top losers were NTPC, Wipro, HCL Tech and Sun Pharma."

On Friday, the Nifty closed higher by 16.80 points or 0.18 per cent at 9,520.90 points, while the Sensex closed at 30,921.61 points -- up 64.09 points, or 0.21 per cent.