Indian benchmarks indices rose to a new record high led by a surge in Larsen & Toubro after it announced that its board will meet on Aug. 23 to consider share buyback proposal.

The S&P BSE Sensex rose 0.58 percent or 218 points to 38,159 points and the NSE Nifty 50 index climbed 0.45 percent or 52 points to 11,517 points.

Sixteen out of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Capital Goods index's 2.4 percent gain. On the other hand, the S&P BSE IT index was top loser, down 1.5 percent, after shares in Infosys lost ground, following the resignation of its CFO.

Other IT Stocks also saw some selling pressure, after the rupee strengthened considerably against the US Dollar.

The rupee meanwhile opened at 69.83 to the dollar, a gain of 33 paise over Friday's close.

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