The bull rage seen since the start of the week continued, with the Sensex surging past a new record of 32,000 points, to close at 32,037 points, with the Nifty also closing at a record of 9891 points. The Sensex jumped 232 points in trade, while the Nifty ended higher by 75 points higher.

Gains today were largely on hopes of an interest rate cut from the RBI following record inflation of just 1.54 per cent for the month of June 2017.

Heavyweight, ITC led the jump from the index, while losers were some of the oil and gas stocks led by Indian Oil and ONGC. However, HPCL, a PSU oil refiner gained ground on reports that there would be a bumper dividend that would be declared ahead of its merger with ONGC.

Among non index stocks shares in Goa Carbon jumped after a good performance. TCS, which is slated to report its results later today ended the day marginally higher. Infosys on the other hand ended the day flat ahead of the company's results to be declared on Friday. Investors are likely to watch for an announcement on the buyback, though results maybe tepid.

Banking shares saw good buying support in trade with stocks like ICICI Bank and Yes Bank among the gainers. Meanwhile, the rupee was seen trading at 64.56 to the dollar.

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