Sensex, Nifty gain most in 3 months to close at record highs

All sectoral indices posted gains in trade, but 40 percent of the gains to the Nifty were contributed by financials.

The lead index, the Nifty Bank, gained 430 points to end at 28,264, 56 points shy of record close at 28,320.

Despite today’s broad-based gains, there is no major change on the top stock contributor front.

Reliance Industries gained for sixth consecutive session to end at the record close of Rs 1,291, with market capitalisation firmly above Rs 8 lakh crore.

The support also came in from IT stocks, which gained on the back of a weakening rupee.

Tata Group flagship, Tata Consultancy Services (TCS), closed at record high, while Infosys gained more than 2.5 percent to be the biggest index contributor.

Amongst all the Nifty 50 stocks, only one stock closed in the red, and that was Sun Pharma.

In the Futures, the Nifty 11,700 Call option added nearly 5.3 lakh shares in the open interest with premium surging more than 300 percent.

Also, the Nifty 11,750 Call option added more than 5.4 lakh shares in the open interest to see premium rising a tad over 650 percent.

On the Put option side, 11,600 Option saw addition of 21 lakh shares in the open interest with premium slipping nearly 80 percent and the Nifty August Futures at a premium to 21 points from 15 points seen on Friday.

Asian markets closed higher, with greater China markets gaining following a move by People's Bank of China to guide the management of the yuan, which analysts saw as a way to slow the yuan's slide.

Hong Kong's Hang Seng index rose by 2.2 percent to close at 28,271, as all its major sectors rose, with services up by 3.2 percent.

Over on the mainland, the Shanghai Composite was 19 percent up to close at 2,781, while the Shenzhen Composite ended the trading day higher by 2.5 percent at 1,497.

In Australia, the ASX 200 was up by 0.3 percent to close at 6,269 after trading in negative territory earlier, as the heavily weighted financials sector ended the trading day up by 0.2 percent.

Japan's Nikkei 225 was up by 0.9 percent to close at 22,800, with almost all sectors ending the trading day in positive territory. South Korea's Kospi rose 0.3 percent to close at 2,299.