Mumbai, Jul 12 (IANS): Expectations of healthy quarterly results, along with global cues and a strong rupee pushed the Indian equity markets higher during the late-afternoon trade session on Wednesday.

According to market observers, gains were pared due to investors' reluctance to further invest in expensive market conditions and caution over the upcoming macro-economic inflation and industrial production data points.

Around 2.30 p.m., the Nifty of the National Stock Exchange (NSE) traded at 9,807.55 points -- up 21.50 points, or 0.22 per cent, over Tuesday's closing.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,813.24 points, traded at 31,783.55 points (at 2.30 p.m.), higher 36.46 points or 0.11 per cent from the previous day's close at 31,747.09 points.

The Sensex touched a high of 31,865.69 points and a low of 31,731.43 points during the intra-day trade so far.

"Global cues and expectations of positive quarterly earnings results buoyed the equity markets. The Indian rupee also traded on a firm note. However, markets being close to their record high levels has induced caution in investors," said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.