Mumbai (Maharashtra) [India], August 8 (ANI): The Indian stock market's benchmark Sensex was trading 464 points higher in the afternoon session on Monday led by strong buying support in the index heavyweights Reliance Industries Limited and HDFC Bank.

The 30 stock SP BSE Sensex was trading at 58,851.79 points at 12.41 pm, which is 463.86 points or 0.79 per cent higher than its previous session's close at 58,387.93 points.

The Sensex started the day in the positive at 58,417.71 points but slipped into the red in the early morning session hitting a low of 58,266.65 points. The markets witnessed a strong rally in the afternoon surging to a high of 58,870.37 points.

The Indian equities markets have witnessed a strong rally in recent days. The Sensex is trading in the positive for the eighth time in the past nine trading sessions.

The Sensex had closed 89.13 points or 0.15 per cent higher on Friday after the Reserve Bank of India (RBI) hiked the policy repo rate by 50 basis points to tame inflation.

The Monetary Policy Committee that met during 3-5 August unanimously decided to increase the policy repo rate by 50 basis points to 5.4 per cent, with immediate effect.

Consequently, the standing deposit facility (SDF) rate stands adjusted to 5.15 per cent; and the marginal standing facility (MSF) rate and the Bank Rate to 5.65 per cent. The MPC also decided to remain focused on the withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth.

The broader Nifty 50 of the National Stock Exchange was trading 122.75 points or 0.71 per cent higher at 17,520.25 points against its previous session's close at 17,397.50 points.

The index heavyweight Reliance Industries Limited was trading 1.75 per cent higher at Rs 2578.40.

There was strong buying support in private banks and financial stocks. HDFC Bank surged 2.09 per cent to Rs 1456.35. Axis Bank rose 1.99 per cent to Rs 742.70. HDFC rose 1.75 per cent to Rs 2395. IndusInd Bank was trading 1.22 per cent higher at Rs 1049.

Bajaj Finserv, MahindraMahindra, LT, NTPC and Dr Reddy's Laboratories were among the major Sensex gainers.

State Bank of India slipped 2.37 per cent to Rs 518.05. UltraTech Cement, Nestle India, Wipro, Asian Paints and Sun Pharma were among the major Sensex losers. (ANI)