Benchmark indices ended at record closing highs as the three-day Monetary Policy Committee meeting started. The fall in crude oil prices, stronger rupee and hope of rate cut after weak Q4 GDP data boosted sentiment.
The BSE Sensex rallied 553.42 points or 1.39 percent to 40,267.62 and the Nifty50 jumped 165.70 points or 1.39 percent to 12,088.50 but the market breadth was negative. About 1,396 shares declined against 1,185 advancing shares on the BSE.
Bajaj Auto, Asian Paints, Indiabulls Housing, TCS, HCL Technologies, Reliance Industries and Hero Motocorp were leading gainers among Nifty50.
GAIL was among losers.
Among midcaps, Just Dial, Triveni Engineering, Ashok Leyland, Strides Pharma, BEML, Dabur, Jubilant Foodworks and DLF rallied.
Jet Airways, V-Guard Industries and Gati were under pressure.