Stock markets rallied on Thursday with the 30 share BSE rose by 340 points to hit a record 40,392 and the broader 50 share Nifty reached 11,900 mark in the intra-day trading.
Five months after reaching its highest mark Sensex scaled all time high to cross the 40,000 mark. In June, Sensex had recorded a highest ever closing at 40,268.
Top gainers were Yes Bank, Infosys, State Bank of India (SBI), Tata Motors, Sun Pharma, Bajaj Finance, and HCL Tech with stocks recording more than 20 percent gains.
Experts suggest that the both domestic and global conditions helped the markets surge. Externally, the Federal Reserve rate cut provided positive stimulus to the markets. There was a buzz that the government is looking at further tax reforms like the recent slash in the corporate tax rates which added to the sentiments of investors and traders.
With the festive season boosting the demand, hopes of the economy picking up had reflected in the market scenario. The bullish markets are expected to be there for some time according to analysts.
Investors have also been hoping for a possible truce between United States and China who are at engaged in trade-war which drove the global equities higher.