After a record high opening buoyed by positive global sentiments, Sensex and Nifty closed at record high for the second consecutive day on December 18. The rally was further driven on expectations of announcement of measures to revive economic growth. The Sensex closed a new record high of 41,558.57, up 0.50% or 206.4 points, while the Nifty quoted at 12,221.65, up 0.47% or 56.65 points.
Gains were largely led by stocks from IT and metal space as they expected improved order intakes owing to the easing of trade tension between the world's two largest economies with the agreement on "phase one"US-China trade deal.
Sectoral wise, the PSU Bank index was dragged the most over 2% while metal and pharma stocks gained.
PC Jewellers' promoters have been levied with a heavy fine for insider trading and the stock was down as much as 7%.
Meanwhile, rupee traded weak at 71.03 as against previous session's close of 70.98 due to surge in crude oil price levels to US$66 per barrel and amid concerns over Brexit.