Banks, capital goods, realty and oil gas stocks led the indices. Bank Nifty closed above 12,000 for the first time since December 9, 2013.
Shares of metal companies plunged after data on Saturday showed China's exports unexpectedly tumbled in February, raising fears of a slowdown in the world's second-largest economy.
Asian markets are weak as investors switch to 'risk-off' mode following disappointing Chinese export data. Japanese GDP data also dented trading sentiment.
Indian market took a breather after a stupendous rally last week that took benchmark index Nifty to surpass 6500 mark for the first time. The Nifty retreated today from its all-time high of 6548 on profit booking in pharma and IT stocks. Shares of banks and capital goods are leading the way for last four trading sessions.
BHEL is up 3 percent, while SBI, LT and Reliance are up 2 percent each. Tata Motors, TCS and Hindalco lose 2 percent each.
Reliance, BHEL and Bharti Airtel are gaining 3 percent each, while LT and Axis Bank are up 2 percent. However, pharma stocks are dragging with Sun Pharma, Dr Reddy's Labs and Ranbaxy in sellers' list. Coal India, Hindalco and GAIL are other losers in the Sensex.
After a stellar performance last week, the market opened on a weak note but picked up quickly to hit 22,000. The Sensex is up 37.10 points at 21956.89, and the Nifty is up 4.80 points or at 6531.45. About 556 shares have advanced, 406 shares declined, and 64 shares are unchanged.
Easing of the crisis in Ukraine, steady foreign fund flows and a sharp fall in current account deficit were some of the factors driving the uptrend.
Interest rate sensitives and commodity stocks helped the Sensex close at 21919.79, up 405.92 points or 1.89 percent after hitting a peak of 21960.89.
Sensex hits intra-day record high of 21,961. Nifty hits intra-day record high of 6538 . Nifty, Sensex mark biggest intra-day gain since November 2013. Realty, Bank Nifty, Cap Goods lead the market rally. ICICI Bank, HDFC Bank contribute over 60 percent to Bank Nifty gain. ICICI Bank, RIL, HDFC Bank contribute over 60 percent to the Nifty gain.
The rupee is trading at fresh 12-week high gaining past 61 per dollar for the first time since December 10 2013. Equity market sentiment, strong FII flows and strength in the likes of the euro support the rupee. Gilts is tad lower due to lack of buying support and participation.
The Sensex and Nifty shares continued to see hefty buying interest but the midcaps and smallcaps are reeling under pressure on profit taking.
The Sensex is up 310.03 points or 1.44 percent at 21823.90, and the Nifty is up 91.50 points or 1.43 percent at 6492.65. About 1227 shares have advanced, 1050 shares declined, and 102 shares are unchanged.
The rupee has hit a new three-month high. IT stocks TCS, Wipro and Infosys are under heavy selling pressure. The Sensex is up 172.45 points at 21686.32, and the Nifty is up 54.25 points at 6455.40.
Equity benchmarks touched fresh record high in early trade Friday with the Nifty hitting 6450 level and Sensex trading over 21600 level supported by banks, capital goods and oil gas stocks.
Sun began recalling the bottles of metformin HCL extended-release tables in the United States on January 28, 2014, after it received a customer complaint that one of the bottles contained tablets of epilepsy drug Gabapentin, the FDA said in a release on its web site.
"Metal stocks have not yet participated in the ongoing rally on fears relating to the slowdown in China," said Varun Khandelwal, fund manager, Bullero Capital Pvt Ltd. "The recent trade data from China was rather poor; it also affirmed that the earlier negative print was not an aberration in data."
Out of the total, one project of worth about Rs 130 crore is from UP Housing and Development Board, Lucknow for construction of multistoried flats at Lucknow. The second contract worth about Rs 115 crore is from Sheth Creators for construction of residential building at Mumbai
BP did not provide any indication of the size, but CLSA sees potential for "the largest" discovery in KG-D6, noting that another partner in the block, Niko Resources Ltd , had last year also cited a significant gas recovery.
"The hospitality group will hypothecate its properties in Chennai and Delhi for the KKR transaction. The Rs 2,000-crore loan will be for a term of two years at 17 interest rate. The funds from KKR will be paid to the banks while Leela will get two more years to set its affairs in order," the media report said.
The drug company is in talks to sell its 175 hectares of land in Gujarat to Nirma for about Rs 650 crore, as it is reeling under a burden of Rs 800 crore debt, including current maturity of long term loans.
Krishna Bodanapu, President COO, Infotech said Softential's 2013 revenue stands at USD 17-18 million. The price paid for the buyout includes 1.1 times of its 2013 revenue plus another performance-based payout component based on EBITDA over the 12 months.
"Notified that Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 49 percent of the paid up capital of Manappuram Finance Limited under the Portfolio Investment Scheme (PIS)," RBI said in a notification.
Ranbaxy has recalled tablets of atorvastatin calcium, the generic name for Lipitor's active ingredient, after a pharmacist found a 20-milligram tablet in a sealed bottle marked for 10-milligram tablets, the US Food and Drug Administration (FDA) said.
Industrial Development Bank Of India sold 17,36,534 shares of S Kumars Nationwide.
BSE Information Technology and Healthcare indices lost more than 2 percent while the rupee appreciated by 11 paise to 60.99 a dollar. This week, the domestic currency gained more than 100 paise.
Rating agency Standard and Poor's Rating Services raised long-term corporate credit rating on the company to BBB- from BB+ on likelihood of reduced leverage and improving regulations.
Central Bank of India has sold its entire stake in Credit Information Bureau of India (CIBIL) to Transunion International.
Prism Cement has started production of coal at the Prism Coal Mine in Chhindwara, Madhya Pradesh.
Brokerage house Citi has raised its target price for the stock to Rs 1305 from Rs 1137.