The Nifty50 as well as Midcap index continued to trade near record highs in noon, following upside in Asian peers ahead of monetary policy cues from Federal Reserve meeting that will begin on Tuesday.

The 30-share BSE Sensex was up 203.86 points at 32,476.47 and the 50-share NSE Nifty rose 79.30 points to 10,164.70.

About two shares advanced for every share falling on the BSE.

L&T, Bharti Infratel, IndusInd Bank and Bajaj Auto were top gainers with 2-3 percent rally while Sun Pharma, Dr Reddy's Labs and Aurobindo Pharma fell 0.5-1.5 percent.

Shares of Punj Lloyd gained nearly 9 percent intraday as it has won order worth Rs 120 crore.

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The company has won a prestigious order worth Rs 120 crore for the supply and commission of five full body truck scanners (FBTS) from the Ministry of Home Affairs.

The company will become first private sector company in India to install these X-ray based FBTS at the country's borders, which can detect concealed arms, ammunition, explosives, detonators, IEDs, narcotics, and fake currency.

India's current account deficit is expected to widen to 1.5 percent of GDP in 2017, from 0.6 percent in 2016, but net capital flows are expected to more than fund this deficit, says a Nomura report.

The Japanese financial services major said that the wider current account deficit in the second quarter and still- elevated trade deficit so far in July-August suggest that the current account deficit is set to widen sharply this year. Nomura expects current account deficit likely at 1.5 percent of GDP in 2017 but noted that funding will not be a constraint.