Markets extend gains; Nifty regains 9,650 in afternoon trade

In the broader market, the S&P BSE Midcap underperformed to rise just 0.1%

The benchmark indices extended gains in the afternoon trade on Monday as lenders such as State Bank of India gained after the Reserve Bank of India asked banks to start banktruptcy process against 12 large loan defaulters, raising hopes that reduction of bad debt will start to quicken.

At 2:16 pm, the S&P BSE Sensex was trading at 31,328, up 272 points, while the broader Nifty50 was ruling at 9,658, up 70 points.

In the broader market, the S&P BSE Midcap underperformed to rise just 0.2%, while the S&P BSE Smalcap index was little changed. 

The market breadth, indicating the