Benchmark Nifty rose 35 points to close at an all-time high of 11,233.75 today, led by buying in banking, finance service, realty and infra stocks on the back of better-than-expected quarterly results.
Bank Nifty witnessed heavy short covering which propelled gains. State Bank of India (SBI) closed more than 5 percent higher.
Foreign institutional investors have been net sellers of Indian shares since January, having sold nearly USD 919.10 million worth of equities. Domestic institutional investors, on the other hand, have been net buyers, infusing a net Rs 68,771 crore into equities.
Overseas, most European shares were trading higher as concerns over rising trade tensions between the US and EU showed signs of easing. Asian stocks ended mixed.
The Nifty 50 index rose 35.30 points or 0.32 percent to close at 11,167.30, its record closing high. It saw an intra-day movement of about 60.15 points.
Sector-wise, PSU Bank climbed 5.45 percent, followed by Finance Service 1.67 percent, Bank 1.39 percent, Private Bank 0.90 percent, Realty 0.79 percent, Infra 0.36 percent, Pharma 0.28 percent, FMCG 0.24 percent and Energy 0.12 percent.
However, Media fell by 0.84 percent, Metal 0.82 percent, IT 0.74 percent and Auto 0.37 percent.
Major index gainers were SBI, ICICI Bank, Grasim, Eicher Motors, Power Grid, UltraTech Cement and Tech Mahindra.
Index losers included Maruti Suzuki, Yes Bank, IOC, HPCL, BPCL, Wipro, TCS, Hindalco, and Titan.
The market breadth, indicating the overall health of the market, was in favor of gainers. On NSE, 910 shares advanced and 879 declined, while 106 remained unchanged.
Total securities that hit their price bands were 245.
Turnover in the cash segment rose to Rs 43,977.30 crore from Rs 33,393.16 crore yesterday.
A total of 18,122.58 lakh shares changed hands in 1,27,85,844 trades. The market capitalization of listed firms on the NSE stood at Rs 1,48,34,352.32 crore.