The sentiment got support from better-than-expected earning results by select companies and continuous buying by domestic financial institutions.
The Sensex and Nifty remained above their key levels of 36,000 and 10,900 throughout the session, indicating strong investor optimism after a prolonged spell of caution.
Banking stocks felt the heat due to worries that the lending rate cuts will hit their bottom line
Bajaj Auto was the top gainer in the Sensex pack, surging 3.95 per cent followed by Maruti Suzuki at 2.69 per cent.
According to Munjal, there is an opportunity for somebody who comes from a not for profit background in health care to do something.
Auto sector cheers RBI rate cut as 'festival gift'
Sensex shed 167 points to close at 28,633 and Nifty dropped 55 points to end at 8,695.
Gains in key IT, capital goods, healthcare and metal stocks, after consistent buying by domestic and foreign investors, helped both the key indices to scale new peaks.
The BSE gauge Sensex fell 73.88 points to 35,548.26 and the NSE Nifty slid 17.85 points to 10,799.85, taking cues from tumbling global shares.
The broad-based NSE Nifty rose 52.80 points, or 0.50 per cent, to end at 10,530.70
Tata Steel was the day's worst performer in the Sensex pack, plunging 3.25 per cent, followed by Bharti Airtel at 3.05 per cent.
Among Sensex constituents, Vedanta fell 3.40 per cent, followed by SBI 3.17 per cent, Yes Bank 3.11 per cent, Axis Bank 1.68 per cent, ONGC 1.60 per cent, Power Grid 1.52 per cent and HDFC 1.48 per cent.
FMCG major ITC and private banking major ICICI Bank were the top Sensex losers
The S&P BSE Sensex dropped 207 points to end at 25,230.
Metal stocks lose ground with Hindalco, Tata Steel, Sesa Sterlite down 4-10%.
The broader markets closed in tandem with their large counter parts- BSE Midcap and Smallcap indices lost 0.065 and 0.10%, each.
Analysts expect earnings to become increasingly relevant given that the stocks have rallied on positive sentiment and the gush of liquidity. Macro factors, they suggest, have already led to a large re-rating in most counters
The NSE Nifty went past the 8,600-mark for the first time since November 1.
About 1,556 shares have advanced, 1,211 shares declined, and 182 shares are unchanged.
The analysis covers BSE 200 Index's 171 companies for which data on the compensation to the boards of directors for FY14 and FY13 are available.
Financial shares were the top losers.
The Mumbai-based brokerage has constructed India Family Firm Index out of listed companies.
The broader Nifty too fell for the second straight session and closed with a loss of over 62 points, or 0.54 per cent, at 11,520.30, after hovering between 11,496.85 and 11,602.55.
The broader NSE Nifty closed below the 10,600 mark by plunging 98.15 points, or 0.84 per cent, to 11,582.35 after shuttling between 11,567.40 and 11,751.80.
India Inc on Saturday cheered the road map for lowering corporate taxation.
Financial shares were among the top Sensex gainers along with auto and pharma shares.
In 2008, the 13 companies on the list accounted for 34 per cent of the overall m-cap.
The 50-share NSE Nifty slipped below the 8,200-mark to touch a low of 8,154.45, but settled at 8,170.80, down 90.95 points, or 1.10 per cent
The 30-share Sensex gained 117 points to end above 29,000 at 29,006 while the 50-share Nifty gained 32 points to close at 8,761.
The broader NSE index has fallen about 0.9% as investors wait for corporate results
The S&P BSE Sensex ended up 129 points at 26,843 and the Nifty50 ended up 39 points at 8,220.
The NSE 50-share index, after moving between 10,469.90 and 10,395.25, finally concluded at 10,458.65, up 41.50 points
Other Sensex gainers were Infosys, Wipro, ICICI Bank, Hero MotoCorp, L&T, Axis Bank,, Tata Steel, HDFC and Cipla.
IT sector replaces auto sector after a 6-month gap.
He said Bajaj Auto is a small company and it is wasteful to create expensive concepts
The market sentiment was also impacted by mixed global cues as setbacks for a healthcare overhaul in the US raised doubts over prospects for a range of reforms backed by President Donald Trump.
The broader Nifty of National Stock Exchange scaled the 10,200 mark intra day before closing at 10,184.85, showing a sizeable gain of 38.30 points, or 0.38 per cent.
The BSE benchmark Sensex surged about 241 points to end at 35,165.48 and the NSE Nifty gained 84 points to close at 10,688.65.
Gains in financial shares capped further downslide.
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