Mumbai: Stock benchmarks crossed new milestones on Tuesday, with the Sensex topping 34,000 for the first time and the Nifty hitting a fresh high of 10,515.
The 30-share index crossed the 34,000-mark by jumping 65.07 points, or 0.19 percent, to 34,005.37. The gauge had rallied 184.10 points in the previous session on Friday on the back of strong buying by domestic institutional investors.
There was support from all sectoral indices, driven by technology and oil and gas, with gains of up to 0.90 percent.
The NSE Nifty spurted 22.10 points, or 0.21 percent, to a new peak of 10.515.10.
At 11:07, both the indices were off the highs earlier hit. The Sensex was at 33,928 points. The Nifty almost flat at 10,487.
Analysts said domestic institutional buying and interest among retail investors amid robust foreign funds inflows lifted mood.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 107.87 crore while domestic institutional investors (DIIs) had also purchased equities worth a net Rs 371.53 crore on Friday, as per provisional data.
ONGC, Dr Reddy's and TCS surged 1.86 percent. Asian stocks were mixed ahead of year-end holidays.
The rupee, meanwhile, edged up 3 paise to 64.02 against the dollar as the US currency lost some muscle overseas.
Exporters and banks stayed away from the American currency as capital inflows jumped. The dollar's lustre dimmed against other currencies globally, which supported the local unit.
In the opening session, the domestic unit was up by 3 paise at 64.02. On Friday, it had ended flat at 64.05.