The BSE Sensex rose over 400 points to hit its record high after Reliance Industries (RIL) reclaimed USD 100 billion (approx Rs 6,86,604 crore) market capitalisation as its shares a hit 52-week high today.
RIL, HDFC and HDFC Bank collectively contributed nearly 300 points to the gains on Sensex.
At 1200 hrs, the 30-share index rallied 413.89 points, or 1.14 per cent, higher to 36,679.82, surpassing its previous high of 36,444 recorded on January 29, 2018.
The broader Nifty-50 index is also trading above the key 11,000-level at 11,071.50, a gain of 123.20 points, or 1.13 per cent.
An appreciating rupee, heavy buying by domestic institutional investors (DIIs) and encouraging start to the earnings season contributed to the uptrend, brokers said.
Investors are also optimistic ahead of the release of index of industrial production (IIP) and inflation data, scheduled to be released later in the day, they added.
Banking stocks were the biggest sectoral gainers led by BoB rising up to 2 per cent followed by SBI, Yes Bank, ICICI Bank, Axis Bank, HDFC Bank and IndusInd Bank.
Shares of Reliance Industries was trading 2 per cent higher at Rs 1,057.05.
Other prominent gainers include Maruti Suzuki, HUL, Kotak Bank, HDFC, Coal India, ITC and Bajaj Auto, rising up to 1.17 per cent.
Meanwhile, foreign funds bought shares worth a net of Rs 636.27 crore, while DIIs made purchases worth a net of Rs 15.33 crore on yesterday, provisional data showed.
Asian stocks were trading higher, after Brent crude recovered from its biggest one-day fall in two years.
Shanghai Composite Index rose 1.79 per cent, Hong Kong's Hang Seng 0.65 per cent, while Japan's Nikkei was trading 1.21 per cent higher in early deals.
US stocks, however, fell yesterday amid renewed tensions over global trade and geopolitics. The US Dow Jones Industrial Average ended 0.88 per cent lower last night.
(With PTI inputs)
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