The BSE Sensex built on gains to close at a fresh record high and the NSE Nifty breached the 11,550 mark for the first time on Monday riding on hectic buying in L&T, Tata Motors, ONGC and HDFC Ltd. amid positive leads from global markets.
Extending its winning run for a second day, the 30-share Sensex scaled an all-time high (intra-day) 38,340.69, breaching its previous high of 38,076.23, clocked on August 9. Finally, it closed at a fresh high of 38,278.75, surging 330.87 points, or 0.87 per cent, its biggest single session gain since August 3 when it had rallied 391 points. It bettered previous record closing of 38,024.37 reached on August 9.
The index had risen by 284.32 points in the previous session on Friday.
The broader 50-share NSE Nifty also maintained its bull run and went past the 11,500-mark for the first time to touch a new peak of 11,565.30 (intra-day) before settling higher by 81 points, or 0.71 per cent, at a new closing peak of 11,551.75, beating its previous record closing of 11,470.75, recorded in the previous session on August 17. It also broke the previous intra-day record of 11,495.20 hit on August 9.
Sentiments were upbeat on global developments over U.S.-China trade talks due this week, while the rupee rebounding from its historic low of 70.40 against the dollar to 69.60 (intra-day) also supported the key indices and falling crude prices in global markets.
Investors were seen widening their portfolios, triggered by positive global cues, fuelled by hopes for an easing of the trade row between China and the U.S., brokers said.
Pumping of fresh funds by foreign portfolio investors (FPIs) also supported the rally that lifted both key indices to new highs.
Domestic institutional investors (DIIs) bought shares worth a net of ₹151.89 crore, while foreign portfolio investors (FPIs) bought shares worth a net of ₹147.31 crore on Friday, provisional data showed.