The Benchmark domestic equity indices, Sensex and Nifty, were trading higher in afternoon trade today, supported by favourable global signals. The 30-share index at the Bombay Stock Exchange, Sensex, was up 298 points at 82,487, and the National Stock Exchange’s Nifty50 was up 106 points at 25,109, when reports last came in.

Earlier, the Indian markets rallied half a per cent in afternoon trade following the RBI’s surprise 50 basis point rate cut.