Mumbai, Dec 1 (IANS) Indian equities continued to trade strong in the afternoon Tuesday, with a key index ruling 1.01 percent higher than its previous close.

Other major Asian bourses too saw significant gains a day after Dubai World tried to allay fears of a credit default by saying only some subsidiaries were in financial trouble and that it would expedite the process to restructure the $26 billion owed by these entities.

At 1.34 p.m., the sensitive index (Sensex) of the 30-scrip Bombay Stock Exchange (BSE), which opened at 16,947.46 points against Monday’s close at 16,926.22 points, was ruling at 17,097.51 points, up 171.29 points or 1.01 percent.

Around the same time, at the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,088.4 points against the previous close at 5,032.7 points, reflecting a gain of 1.11 percent.

Broader market indices were also in the green, with the BSE midcap index up 1.42 percent and the BSE small cap index ruling 1.92 percent higher.

The market breadth was positive, with 1,916 stocks advancing, 707 scrips declining and 74 remaining unchanged.

Other major Asian markets were also enthused after the Dubai World statement and rose in anticipation of an early resolution to the situation.

A key Japanese index, the Nikkei, closed 2.43 percent or 226.65 points up at 9,572.2 points.

The Hang Seng, a benchmark index of the Hong Kong Stock Exchange was ruling at 22,074.59 points, 1.16 percent or 253.09 points higher.

The Kospi, the benchmark index of the Korean Stock Exchange, was ruling at 1,569.72 points, up 0.91 percent.

In China, the Shanghai composite index was ruling 1.25 percent in the green at 3,235.36 points.