Benchmark indices staged a solid rally in trade with the Sensex and the Nifty closing at new record highs. The Sensex closed a huge 355 points higher at 31,715 points, while the Nifty rallied 105 points to close at a lifetime high of 9,771 points.

The large gains were led by huge gains in IT and Pharma stocks.

Shares in TCS led gainers with the stock jumping a huge 4 per cent in trade. Shares in Lupin too jumped after the company received approval from the US FDA for a drug.

Among the banking stocks Punjab National Bank jumped a huge 6 per cent, while Bank of Baroda gained 3 per cent. State Bank of India shares were very subded and ended the day on a very flattish note.

Meanwhile, the National Stock Exchange of India, (NSE) stopped trading this morning, reportedly, due to "technical glitch". The Securities and Exchange Board of India was reported to be monitoring the situation.

The rupee was last seen trading at 64.54 to the dollar.

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