)
By 11:35, the Sense was higher by 105 points at 24,440 whereas the Nifty gained by 30 points at 8,508 levels.
The main gainers on the Sensex are Hindalco, Tata Steel, Infosys, BHEL and ICICI Bank, all surging between 2-4%.
*******************************************
(Updated at 10:22)
Benchmark indices have trimmed some of the early gains after opening on a firm note as gains in metals and information technology shares are being capped by losses in select index heavyweights like ITC and Reliance.
Earlier, Nifty breached the 8,500 mark for the first time and hit the all-time high of 8,529 while Sensex hit the fresh record high of 28,514.98.
At 10:20AM, the 30-share Sensex was up 96 points at 28,427 and the 50-share Nifty was up 24 points at 8,501.
In the broader market, BSE midcap and BSE smallcap indices up 0.4% each are moving in tandem with their larger peers. Market breadth in BSE is positive with 1,229 gainers against 870 declines.
Traders will focus on the winter session of parliament which starts from today for cues. In the session key legislative proposals including the Goods and Services Tax (GST) Bill and Insurance Amendment Bill are to be considered.
Further, the Reserve Bank of India is scheduled to release the current account deficit (CAD) numbers for second quarter of the current fiscal later today. CAD narrowed sharply to 1.7% of GDP in first quarter from 4.8% of GDP in the corresponding period previous year.
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 122.50 crore on Friday, as per provisional stock exchange data.
The rupee is marginally higher at 61.73 versus its Friday's close of 61.76.Dealers expect the rupee to hold in a 61.50 to 61.80 range during the day. Foreign fund flows into the share market will be crucial for direction.
Buzzing Stocks
BSE Metal index is the top gainer surging around 2% followed by BSE IT index with more than 1% of gains. Other major gainers are BSE Realty index, up 0.9%, BSE Bankex up 0.7% and BSE Capital Goods index up 0.6%.
BSE FMCG index has lost around 0.2% while BSE Oil & Gas index is trading flat.
Shares of metal companies are trading higher by up to 4% following the unexpected rate cut by China.
Hindalco, Jindal Steel and Power (JSPL), Sesa Sterlite, Tata Steel, Steel Authority of India and JSW Steel are trading higher between 2-4%.
Shares of Infosys is trading higher by nearly 2% after the company said it has fixed record date as December 3, 2014 for the purpose of allotment of bonus shares/stock dividend.
Wipro and TCS have gained around 0.3% and 0.8% each.
Among financials, ICICI Bank has gained around 1.6% and SBI is trading with a gain of 0.8%.
Capital goods sector too has surged. L&T has gained around 0.7% as defence related companies are set to benefit after the government approved the purchase of 814 artillery guns, 714 of which are to procured from Indian companies.
Coal India is trading flat with a negative bias. The labour unions of state-run Coal India have called off a strike planned for Monday in protest against a stake sale and opening up of the industry, setting the stage for Prime Minister Narendra Modi to press ahead with energy reforms.
Index heavyweights, ITC and Reliance are down 0.5% each.
Asian Markets
In Asia, share markets were broadly higher on Monday as the prospect of further policy stimulus in China and Europe whetted risk appetites while sending the euro skidding.
The CSI300 Index of the largest companies listed in Shanghai and Shenzhen opened up 1.2% at its highest level since June 2013, while the Shanghai Composite Index opened up 0.8%. Stocks in Hong Kong were also up 1.9%.
Tokyo's market was closed for a holiday on Monday, but MSCI's broadest index of Asia-Pacific shares outside Japan .
Investors will watch out for the minutes of Bank of Japan's monetary policy meeting to be released later today.
