Key equity indices were hovering near day's high in afternoon trade. At 13:31 IST, the barometer index, the S&P BSE Sensex, was up 400.24 points or 1.08% at 37,454.34. The Nifty 50 index was up 116.90 points or 1.05% at 11,284.95.

Local stocks nudged higher in early trade on positive Asian stocks. Key benchmark indices extended gains in morning trade. Strong buying demand in index pivotals propelled the key indices to fresh intraday high in mid-morning trade. Indices traded near day's high in afternoon trade.

The S&P BSE Mid-Cap index was up 0.81%. The S&P BSE Small-Cap index was up 1.04%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1609 shares rose and 928 shares fell. A total of 156 shares were unchanged.

Among index heavyweights, ICICI Bank (up 2.87%) and Larsen & Toubro (up 3.14%), edged higher.

Reliance Industries was up 1.59% at Rs 1,321.70. The stock hit a record high of Rs 1329.90 in intraday today, 12 March 2019.

Bharti Airtel (up 4.50%), IndusInd Bank (up 2.48%), Sun Pharmaceutical Industries (up 2.10%), Power Grid Corporation of India (up 1.85%) and Mahindra & Mahindra (up 1.55%), were the other major Sensex gainers.

NTPC (down 0.62%), Bajaj Finance (down 0.54%), Infosys (down 0.44%), Hero MotoCorp (down 0.23%), Coal India (down 0.08%) and State Bank of India (down 0.07%), were the other major Sensex losers.

On the macro front, industrial production data for January 2019 will be unveiled today, 12 March 2019. India's industrial production growth accelerated to 2.4% year-on-year in December 2018 from 0.3% in the previous month.

The inflation rate for February 2019, will also be announced today, 12 March 2019. Annual consumer inflation declined to 2.05% in January 2019 from a downwardly revised 2.11% in December.

Overseas, Asian stocks were trading higher on the back of a strong performance in U.S. markets overnight. U.S. stocks snapped a five-day losing streak to close higher Monday as technology shares rallied, offsetting some of the gloom from Boeing Co.'s woes after the second deadly crash in about six months involving the company's 737 Max 8 aircraft.

In US data, U.S. retail sales unexpectedly rose in January. Retail sales rose 0.2%. Data for December was revised down to show retail sales dropping 1.6% instead of tumbling 1.2% as previously reported.

In Europe, British Prime Minister Theresa May managed to secure last minute support from the EU for her Brexit deal before it goes to a crucial vote on Tuesday.