Benchmark clsoed at a fresh record high with the Sensex surging 387 points, while the Nifty rallied 105 points in trade. The Nifty closed at a record high of 10,440 points, while the Sensex surged to a new record of 33,500 points.

The shares of Bharti Airtel hit a new 10 year high. Banking stocks also rallied in trade, with PSU banking stocks back in the limelight.

Bank of Baroda, Punjab National Bank and State Bank were among the gainers. Today's rally in stocks was also after the World Bank raised India's "Ease of doing business" rank to 100 from 130.

Shares in Dredging Corporation rallied after the government approved a stake sale in the company. Feritlizer stocks were also up in trade after the government approved subsidy payments to some of the companies. Among the gainers were stocks like RCF, Zuari Agro and Southern Petrochemicals.

Meanwhile, European markets surged with most of the markets in the region gaining as much as one per cent.

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