The Indian equity benchmarks gave a big thumbs up to Modi 3.0 on Monday by surging to record highs on hopes of stable government carrying on with economic policy continuity and macro-economic reforms. The Sensex rose over 350 points to hit an all-time high of 77,079 and Nifty 50 index advanced 122 points to hit fresh record high of 23,411.90.

As of 9:17 am, the Sensex was up 310 points at 77,010 and Nifty 50 index advanced 70 points to 23,395.

Meanwhile, most of the Asian markets were trading on a subdued note barring Japan's Nikkei 0.5 per cent gain. South Korea's KOSPI fell 0.52 per cent, Taiwan Weighted declined 0.2 per cent, Hong Kong's Hang Seng declined 0.59 per cent and Thailand's SET index dropped 1 per cent.

Back home, buying was visible across the board as all the major sector gauges, barring the measure of IT shares compiled by the National Stock Exchange, were trading higher led by the Nifty Realty index's 1.8 per cent gain. Oil & Gas, healthcare, PSU bank, financial services, auto and banking shares were also witnessing buying interest.

Broader markets were also witnessing buying interest as Nifty Midcap 100 index rose 0.94 per cent and Nifty Smallcap 100 index advanced 1.9 per cent.

Power Grid was top Nifty gainer, the stock rose 3.4 per cent to Rs 320. Cipla, Axis Bank, Ultratech Cement, Adani Enterprises, Adani Ports, Reliance Industries and State Bank of India also rose between 1.4-2.2 per cent.

On the flipside, IT majors like Tech Mahindra, Infosys, Wipro, LTI Mindtree, HCL Technologies and TCS were among the top Nifty losers as the US Federal Reserve is likely to wait for longer to cut rates.

The overall market breadth was extremely positive as 2,511 shares were advancing while 692 were declining on the BSE.