Indian equity benchmark indices marked new highs in closing trade today. The S&P BSE Sensex rose by 51.01 points, or 0.13 percent to 38,336.76 while NSE's Nifty 50 increased by 11.85 points, or 0.10 percent, to close at 11,582.75.

Nifty had breached the psychological level of 11,600 points at opening trade today. In intraday trade, Sensex, as well as Nifty, had marked new all-time highs at 38,487.63 and 11,620.70 points respectively.

The indices were supported by the IT, pharma and FMCG sector's big gains, will the PSU banks, metal and auto sectors weighed down the market.

Among individual stocks, Reliance Industries Limited's share price hit a new record high of Rs 1,262.50 apiece today, making it the first Indian company to cross Rs 8 trillion in market capitalization. The shares of L&T Limited rose to Rs 1,363.90 per share following the announcement of share buyback that was approved by its board. The company will buyback six crore shares representing 4.29 percent of its total paid-up equity capital at Rs 1,500 per share for a total consideration of Rs 9,000 crore.

Meanwhile, shares of Nestle India surged 6 percent to hit a record high of Rs 11,548 per share after it announced that it would launch a new flavour for Maggi noodles in association with Flipkart. Granules India gained 4.7 percent on receiving FDA (US Food and Drug Administration) approval for the abbreviated new drug application (ANDA) filed by the company for Ranitidine Tablets USP, 150 mg, and 150 mg Cool Mint (OTC).

In the mid and small cap markets, BSE MidCap gained 0.20 percent, while SmallCap fell 0.14 percent.