The S&P BSE Sensex and NSE Nifty 50 indexes rose for second straight day led by gains in Reliance Industries. The index bellwether rose as much as 4.05 per cent to a fresh record high of Rs 1,571 after its telecom wing said it will also raise tariffs of telecom offerings a day after Bharti Airtel and Vodafone Idea announced plans of raising tariffs from December. During the session, the benchmarks traded firmly higher with the Sensex touching a new record high of 40,816.38 while the Nifty 50 index hit an intraday high of 12,038.60.
The Sensex ended 182 points or 0.45 per cent higher at 40,652 and the NSE Nifty 50 index climbed 59 points or 0.5 per cent higher o close 11,999.
"We think new highs just a matter of days. Now, we expect broader markets to outperform," Sanjiv Bhasin, director, IIFL Securities said.
"Markets usually run ahead of macros and price future growth. There are three positive indicators for growth - reduction in corporate tax rate, proposed divestment of large public sector units, and a possible resolution of the US china trade impasse. Therefore we see growth coming back in 2020," Mr Bhasin added.
Fourteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Energy index's 2.1 per cent gain. S&P BSE Healthcare, Oil & Gas, Capital Goods and Industrials indexes also rose between 0.65-2 per cent each.
On the other hand, S&P BSE Realty index was top loser, down 1.4 per cent.
Mid- and small-cap shares underperformed their larger peers as the S&P BSE MidCap index rose 0.25 per cent while the S&P BSE SmallCap index ended on a flat note.
Zee Entertainment was top gainer in the Nifty 50 basket of shares, the stock rose 8 per cent to Rs 309. Sun Pharma, IndusInd Bank, Bharat Petroleum, Dr. Reddy's Labs, Yes Bank and Reliance Industries also rose between 2.6 and 5.3 per cent each.
On the flipside, Bharti Infratel, Indian Oil, Kotak Mahindra Bank, Eicher Motors, Tata Steel, Bajaj Finserv and Hindalco were among the laggards.