Mumbai, Mar 12 (IANS): The BSE Sensex index surged over 500 points during the afternoon trade session on Monday, while the Nifty50 of the National Stock Exchange (NSE) traded over 150 points higher.

According to market observers, the sharp upward rally of the key indices came on the back of broad-based buying in sectors like FMCG, auto, IT banking, metals and oil and gas.

Around 2.50 p.m., the barometer 30-scrip Sensitive Index (Sensex) traded at 33,839.35 points -- up 532.21 points, or 1.60 per cent, from the previous session's close.

However, the BSE market breadth was bearish with 1,384 declines and 1,281 advances.

Index heavyweights like Bharti Airtel, ITC, NTPC, Tata Motors and Hero MotoCorp were the top gainers on the BSE.

On the NSE, the wider Nifty50 edged higher by 165.70 points, or 1.62 per cent, to trade at 10,392.55 points.

On Friday, a sudden sell-off during the last hour of trade trimmed the day's entire gains and led the equity indices to close trade on a flat note with marginal losses.

The NSE Nifty50 fell by 15.80 points, or 0.15 per cent, to close at 10,226.85 points, while the BSE Sensex closed at 33,307.14 points -- down 44.43 points or 0.13 per cent.