Banking stocks were in the limelight with Nifty Bank index rising nearly 0.40% to hit a new high of 31,875.

Auto stocks Tata Motors, M&M and Maruti Suzuki were up between 1% and 2.5% on expectations of government announcing more measures to boost the sector.

Shrikant Chouhan of Kotak Securities attributed the record run in Indian markets to buying from FIIs since last couple of weeks and cooling down of global worries on the trade tariff front. Domestic news flow is shaping up positively, he added. The government has in recent months a slew of measures to boost economy including corporate tax rate cut and stimulus for the crucial real estate sector.

“The trend remains positive and any dip toward 11,990-12,000 by Nifty can be used as buying opportunity for 12,100-12,150 levels.

Rising expectations that China and the US will soon reach an interim trade deal provided fresh impetus to Asian markets today.

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