Nifty hits 8,800 for the first time since October 5, 2016

In the broader market, Nifty Midcap and Smallcap indices were trading at their record highs

The benchmark indices were trading at their four-month highs  on expectations of a rate cut by Reserve Bank of India (RBI) in its policy meeting on Wednesday. On the global front, firm trade in Asian markets also contributed to the gains. 

At 12:16 am, the S&P BSE Sensex was trading at 28,450, up 208 points, while the broader Nifty50 was ruling at 8,800, up 60 points. 

In the broader market, Nifty Midcap and Smallcap indices were trading at their respective record highs.

Brokerage Angel Broking sees some consolidation in the market this week, but maintains optimistic stance expecting much higher