Benchmark indices tracking global peers have opened the first day of the financial year on a positive note, Nifty opened the day above 11,650, while Sensex crossed a new historic high of 39,000 level.
The Nifty Bank also made a new record high.
Leading the gains are stocks from all of the sectors barring energy index.
Vedanta, JSW Steel, Tata Steel, UltraTech Cement, Adani Ports, Bharti Airtel, Bajaj Auto, Eicher Motors, M&M are among major gainers on the indices, while losers are Cipla, HCPL, BPCL, IOC, ONGC and Zee Entertainment.
In line with global economic slowdown, markets are expecting a further rate cut in the MPC meet slated to be held on April 4. The decision in the RBI's meet will drive the market's momentum in the week ahead just before the elections.
Bond and currency markets are closed today for annual account closing. Trading will commence on Tuesday.