Key Indian indices advanced over 0.5 per cent on positive expectations from the RBI Board meeting currently underway on Monday, as the Sensex gained over 240 points and the Nifty50 traded above the 10,700-mark during the afternoon session of the trade.

"In the hope of relaxation in the Prompt corrective action (PCA) framework norms in the RBI meet, the PSU banks had opened in the green today," Astha Jain, Senior Analyst, Hem Securities, told IANS.

Except for telecom, oil and gas, all the sectors on the BSE traded in the green.

At 2.10 p.m., the S&P BSE Sensex traded 248.82 points higher at 35,705.98 from its previous close of 35,457.16.

The benchmark index touched a high of 35,697.50 and a low of 35,511.10 while NSE's Nifty was trading 55.25 points higher at 10,737.45.

The benchmark Brent Crude registered a slight rise to $67.29 a barrel while the rupee was trading flat. 

"Oil plunge and follow up recovery and Brexit noises dominated last week. While the oil market savage sell-off may be stopped, Brent is nearly 30% lower than the early October highs, which will likely put downward pressure on global and domestic inflation dynamics. If sustained, it could be positive for India's CAD in 2HFY19," said Madhavi Arora, Economist, FX & Rates- Edelweiss Securities Ltd.-IANS