The benchmark equity indices were trading higher through midday on Monday, led by advances in ICICI Bank Ltd. and most of the sectors.
As of 12:09 p.m., the NSE Nifty 50 was 223.60 points, or 0.48%, higher at 46,608.45, and the S&P BSE Sensex was 298.34 points, or 0.41%, up at 72,724.98.
The Nifty jumped 0.57% to hit a record high of 22,157.90, and the Sensex touched an intraday high of 72,765.87 so far in the day.
"If (the) Nifty closes above 22,125, we can expect (the) market to move higher towards 22,400–22,500 levels," Deven Mehta, research analyst at Choice Equity Broking Pvt., said.
"Traders are advised to hold their long position with a trailing stop loss for the above given targets. On the lower side, Nifty has a strong support at 21,900 levels," Mehata said.
ICICI Bank Ltd., ITC Ltd., Bharti Airtel Ltd., Bajaj Finance Ltd. and State Bank of India led the gains in the Nifty.
Larsen & Toubro Ltd., Tata Consultancy Services Ltd., Tata Motors Ltd., Axis Bank Ltd. and HDFC Life Insurance Co. Ltd dragged the most.
Ten sectors out of the 12 sectors on the NSE advanced, with the Nifty Media rising the most.
The broader markets outperformed as the BSE MidCap rose 0.60% and the SmallCap gained 0.86%.
Seventeen out of the 20 sectors on the BSE advanced, with Consumer Durables rising the most and Realty falling the most.
The market breadth was skewed in favour of the buyers as 2,445 stocks rose, 1,368 declined and 157 remained unchanged on the BSE.
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