In a highly volatile trade, after losing momentum in the after-noon session, benchmark indices towards the close of the session traded strong. At the close, Nifty was holding on to 12700 levels and ended sharply up by close to 1% at 12749, while Sensex added 316 points or 0.73% to close at 43593.67.
Also, Nifty Bank which was dragged by as much as 1% during the session also recovered towards the end and settled at 28845. On the gains in the Nifty Bank, HDFC Bank and Kotak Mahindra Bank logged their respective new 52-week high.
This was the third consecutive day when the markets logged new record high closing.
Today's rally has largely to do with stocks from the metal, pharma and auto space. Today's top gainers on the Nifty were Tata Steel, Hindalco, Axis Bank, Dr. Reddy's Labs and ITC, while laggards included IndusInd Bank, RIL, Titan and Asian Paints.
Tata Steel And Steel Authority of India Limited logged a jump in their share price by as much as 5% on healthy outlook in terms of both production as well as consumption going forward.
ITC also gained over 4% and traded at day's high price of Rs. 185.65 per share on the NSE.
Also, MSCI India rejig also impacted stock price movement as a total of 12 stocks were added in the semi-annual review, while 2 were delete.
Read more on the development here MSCI rejig as part of the semi-annual review effective today.
Meanwhile, European markets were marginally up with German DAX up 0.28% and French CAC up 0.26%. And US stock futures signalled higher opening in the US markets, with Nasdaq stock futures up the most by 0.94 percent.