MUMBAI (Reuters) - The Sensex and Nifty rise more than 1 percent to record highs after Finance Minister Arun Jaitley's comment on Tuesday that "mindless populism" in policymaking needed to be checked stoke expectations of a pragmatic budget on July 10.
The Sensex rose as much as 1.18 percent to a record high of 25,805.52, surpassing its previous life high of 25,735.87 hit on June 11.
The Nifty gained as much as 1.07 percent to 7,717.75, breaching its previous record of 7,700.05 also hit on June 11.
Blue-chip stocks led gains. Maruti Suzuki India Ltd gains 2.2 percent, ICICI Bank rises 1.13 percent and Reliance Industries Ltd advances 1.49 percent.
Power and capital goods stocks also gain, with Larsen & Toubro Ltd gaining 1.7 percent and NTPC Ltd trading 1.9 percent higher on budget hopes.
(Reporting by Indulal PM)