The BSE Sensex and the NSE Nifty hit record highs in the morning trade on Monday as investors bought oil and gas, IT and banking stocks after better-than-expected financial results.
Gains in Reliance Industries, FMCG major ITC, Infosys, ICICI Bank and SBI helped the indices scale new peaks in early trade.
At 12:28 pm, the 30-share Sensex was up 0.63 or 200 points at 32,230 and the Nifty was at 9966, up 51 points or 0.51 percent. Earlier, the Sensex hit a record high of 32,232 and the Nifty 9969.
The earlier intra-day highs of the indices were 32,132 and 9,928.20 hit on 17 July.
All the sectoral indices, led by IT, oil & gas, bank and PSU, were trading in the positive zone with gains up to 0.51 percent.
Among the top gainers, Reliance Industries maintained its upward journey and climbed 2.3 percent to Rs 1,621.20 mostly on the back of robust earnings and announcement of a bonus issue in the rate of one share for every share held.
Other top performers during initial trade were Wipro, Hero MotoCorp, SBI, Lupin, Bharti Airtel, ICICI Bank, Kotak Bank, Infosys, Axis bank, ITC Ltd, TCS and HDFC Bank.
Continued buying by foreign funds and domestic institutional investors (DIIs) helped the key indices to hit record highs, brokers said.
Among other Asian markets, Hong Kong's Hang Seng gained 0.44 percent, while Shanghai Composite Index rose 0.18 percent in their early deals. Japan's Nikkei, however, fell 0.86 percent.
The rupee, meanwhile, dropped by 11 paise to 64.43 against the US currency in the opening session due to fresh dollar demand from importers.
The rupee opened lower at the interbank foreign exchange market and slid by 11 paise to 64.43 per dollar in early trade. It had closed at 64.32 per dollar on Friday.
The US dollar sliding against other currencies overseas and a higher opening in domestic equities limited the rupee's fall, dealers said.
Updated Date: Jul 24, 2017 12:49 PM