Sensex, Nifty end at fresh closing highs; Tata Steel top gainer

In the broader market, the S&P BSE Midcap added over 1% to finish at record closing high

The benchmark indices settled at fresh record closing highs on Monday after investors reacted positively to macroeconomic data released with changes in new base-year series for wholesale price index (WPI) inflation and index of industrial production (IIP), while a sharp fall in retail inflation to 2.99% in April extended a debate on whether the Reserve Bank of India (RBI) should cut interest rates.

Hopes for easing inflation got a further boost after the India Meteorological Department (IMD) said on Sunday monsoon rains had reached the country's Andaman and Nicobar islands ahead of the schedule.

The S&P BSE Sensex settled 134