The S&P BSE Sensex and NSE Nifty 50 indexes were hovering near record highs in afternoon trading on the back of a broad-based buying interest paced by gains in auto, metal, financial services and banking shares. The benchmarks staged a gap up opening and held on the gains wherein the Sensex rose as much as 741 points to hit record high of 51,472.68 and Nifty 50 index touched an all-time high of 15,133. Reliance Industries, ICICI Bank Infosys, HDFC Bank, Larsen & Toubro and Mahindra & Mahindra were among the top movers in the Sensex.
As of 1:44 pm, the Sensex rose 643 points to 51,374 and Nifty 50 index climbed 182 points to 15,106.
Nine of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Auto index's 2.5 per cent gain. Nifty Metal, Media, IT, Bank, Financial Service and Realty indexes also rose between 1-2 per cent.
On the other hand, PSU Bank and FMCG indexes were trading with a negative bias.
Mid- and small-cap shares were outperforming their larger peers as Nifty Midcap 100 and Nifty Smallcap 100 indexes rose 1.6 per cent each.
In the Nifty 50 basket of shares, 44 were trading higher led by Mahindra & Mahindra's nearly 7 per cent gain. Shree Cements, Hindalco, Larsen & Toubro, Bharti Airtel, Bajaj Finserv, GAIL India, Tech Mahindra, Adani Ports, Tata Motors, Axis Bank, ICICI Bank and Reliance Industries also rose between 2-5 per cent.
On the flipside, Britannia Industries, Hindustan Unilever, Kotak Mahindra Bank, Divi's Labs, ITC and SBI Life were among the notable losers.