Markets end at record high: Sensex adds 442 points, Nifty hits 11,700 for first time

The BSE Sensex closed 1.16 per cent higher at 38,694.11 gaining 442 points on Monday while NSE's Nifty 50 advanced 1.17 per cent to close at 11,691.95 points, aided by the gains in Asian markets and record Wall Street highs reported on Friday. 

Nifty 50 crossed the 11,700 mark for the first time ever at 11,700.95 just before the closing time.

ICICI Bank, India's third-largest lender by assets, rose 2.9 per cent, while Kotak Mahindra Bank advanced 1.68 per cent.

The Nifty PSU bank index, which tracks India's state-owned lenders, closed at 2.16 per cent higher after hitting its highest level since August 21.

Asian shares rose early on Monday, taking support from Wall Street’s gains on Friday after US Federal Reserve Chairman Jerome Powell said a gradual approach to raising rates was best to protect the US economy and job growth, Reuters reported. 

Powell’s comments, which were in line with market expectations, helped to push the S&P500 index and Nasdaq Composite to record highs on Friday, cementing the S&P’s longest-running bull market, as defined by some investors, the report added.

(With inputs from Reuters)