Mumbai: The benchmark BSE Sensex for the first time settled above the 28,000 level and NSE Nifty crossed 8,400 level on buying in auto, banking and FMCG stocks as falling crude prices boosted market sentiment.
The 30-share Sensex touched life-time high of 28,126.48 points before concluding at record closing level 28,008.90, posting gains of 98.84 points or 0.35 percent.
The BSE barometer had breached the 27,000 level on September 2 this year.
The 50-share Nifty also crossed 8,400 level to scale life-time high of 8,415.05 points. It closed at record high of 8,383.30, up by 20.65 points, or 0.25 percent.
"Markets are trading near their all-time high levels. Further fall in crude prices and expectations of further reforms kept sentiments positive," said Dipen Shah, Head- Private Client Group Research, Kotak Securities.
Foreign portfolio investors (FPIs) bought shares worth Rs 458.04 crore yesterday, according to provisional data from stock exchanges.
"Markets are expecting the CPI (consumer inflation) to trend further lower. The fall in CPI over the past few months has led to expectations of an early interest rate cut," Shah added.
Among major Sensex gainers, Axis Bank rose the most by 3.02 percent, followed by Bajaj Auto (2.10 percent) and Tata Motors (1.71 percent).
Gains in ITC Ltd (1.55 percent), Hero MotoCorp (1.50 percent), ICICI Bank (1.33 percent) and HDFC Ltd (1.12 percent) also supported the indices to scale new peaks.
"Though the benchmarks were finally seen crossing the consolidation range on higher side but cautiousness among the participants kept the upside capped ahead of crucial economic data of CPI inflation and IIP numbers, which are scheduled post market," Religare Securities President-retail distribution Jayant Manglik said.
Cipla, Tata Power, Tata Steel and NTPC were among major losers with losses of up to 3 percent.
Sectorwise, BSE Auto index gained the most by rising 1.18 percent, followed by Bank index 1.12 percent, FMCG 0.96 per cent and Consumer Durables index 0.55 percent.
Buying activity in small and midcap also gathered momentum, with the BSE midcap index rising by 0.47 percent and smallcap index by 0.20 percent.
Jignesh Chaudhary, Head Of Research, Veracity Broking Services said, "Today also local equities traded strong to hit record high with the help of some blue chip companies. Today India's CPI data is due for the day, to be released after market hours, which will help the investors to gauge the market."
Among 30 Sensex scrips, 16 ended higher while 14 others ended lower.
The total market breadth remained slightly positive as 1,524 stocks close in the green while 1,520 finished in the red. The total turnover rose to Rs 3,649.38 crores from Rs 3,285.02 crores yesterday.
Asian stocks ended mixed after Wall Street edged up to its fifth straight record close yesterday. Key indices in China, Hong Kong, Japan and South Korea rose by 0.43 percent to 1 percent while indices in Singapore and Taiwan fell by 0.26 percent to 1.28 percent.
European stocks were trading lower after the US, Swiss and British regulators ordered five banks to pay about USD 3.3 billion. Key indies in Germany, France and the UK moved down by 0.36 percent to 0.89 percent.
