Benchmark indices were trading at another record high, led by solid gains in stocks that reported quarterly numbers after markets hours on Friday. Most of the rally was led by Reliance Industries and ICICI Bank, both of which declared quarterly numbers after markets hours on Friday.

The Sensex was trading with gains of 188 points at 37,525 , while the Nifty was higher by 47 points at 3.05 pm. Shares in Reliance surged 2 per cent, after the company's financials continued to impress.

Reliance Industries reported a 4.47 percent increase in net profit at Rs 9,485 crore in the first quarter of the financial year 2018-19 from Rs 9,079 crore for the same period last year.

Reliance Jio reported a net profit of Rs 612 crores for the quarter ending June 30, 2018, which was more or less in line with estimates

Shares in ICICI Bank too gained despite the bank reporting a loss for the first time since 2001. The shares of the bank were last trading at Rs 305, as against the previous closing price of Rs 293 on the NSE.

Bank of Baroda saw a sharp increase of 6 per cent in its share price, after a superb set of quarterly numbers. Bank of Baroda's net profit more than doubled to Rs 528 crore in the quarter ending June 30, 2018 as compared with Rs 203 crore in the year-ago period.

The gross non performing assets of the bank deteriorated marginally and was placed at 12.46 percent compared with 12.26 percent in the previous quarter of last year.

Meanwhile, most of the Asian markets ended the day with losses. US Futures pointed lower, while all eyes would on the US Fed for a decision on interest rates hikes. The RBI will also announce its Monteary Policy decision on Aug 1.

It would be interesting to see if the RBI hikes interest rates again.