The Indian equity benchmarks held on to gains and were trading near one-month highs in noon deals on Friday mirroring gains in global markets as signs of easing inflation with fall in commodity prices ignited hopes of slower pace of rate hikes going ahead, analysts said. The Sensex rose as much as 449 points and Nifty 50 index touched an intraday high of 16,275. Most of the Asian markets were trading higher taking cues from an overnight rally on Wall Street. Japan's Nikkei rose 1.42 per cent, Hong Kong's Hang Seng advanced 0.64 per cent, South Korea's KOSPI climbed 1.15 per cent and Taiwan Weighted rose 1.36 per cent.