The Sensex and the Nifty opened higher in trade as global cues were extremely strong after a sharp overnight rally across US markets. Asian markets too were seeing solid gains with the Japanese Nikkei up nearly 2% in trade.
Mainland Chinese stocks too were trading higher with the Shanghai Composite gaining 0.4% in trade, while the Hang Sang was marginally lower in trade.
The Sensex was higher by about 450 points in early trade, while the Nifty gained 112 points. The Sensex hit a new record high of 53,002 points, surpassing the previous high of 52,885 points and crossing 53,000 points for first time.
Banking stocks were seeing good buying support with stocks like ICICI Bank and IndusInd Bank among the early gainers in trade. Nifty stocks that lost ground were Bajaj Auto, Britannia, HCL Tech and Nestle.
Shares in SBI were higher after reports that the Central Board of the state owned bank approved raising fresh Additional Tier 1 capital up to an amount of Rs 14,000 crore.
VST Tillers and Tractors reported a net profit at Rs 12.93 crore in Q4FY21 against loss of Rs 3.38 crore in Q4FY20, revenue rose to Rs 194.74 crore from Rs 119.80 crore YoY.
SP Apparel saw its shares climb after the company reported higher consolidated profit at Rs 10.55 crore in Q4FY21 against Rs 2.8 crore in Q4FY20.