Benchmark indices on Monday buoyed by strong buying interest in banking, construction, power, and metal stocks.

Sensex ended 98 points, or 0.12%, higher at 82,988.78, while the Nifty 50 settled at 25,383.75, up 27 points, or 0.11%.

Further, both the Sensex and Nifty 50, hit their fresh record highs of 83,184.34 and 25,445.70.

L&T, Shriram Finance, JSW Steel, Hindalco, and NTPC gained 1-2.5 per cent becoming the top performers of Nifty 50. On the other side, Britannia, SBI Life, Bajaj Finserv, HUL, and Bajaj Finance dropped 1-3%.

The BSE Midcap index closed flat, while the Smallcap index rose 0.28%.

On Sensex, NTPC, JSW Steel, Larsen and Toubro and Axis Bank closed as the top gainers. On the flip side were the shares of Bajaj Finance, Hindustan Unilever, Bajaj Finserv and Adani Ports.

Among the sectors, out of 13 major sectoral indices, 9 were in green. Nifty Energy and Nifty Metal indices were the top gainers rising 0.8% and 0.6%, respectively. Nifty FMCG dropped over half a percent, led by losses in HUL, Varun Beverages, and Godrej Consumer Products.

Dip in FMCG followed the government’s hike in basic customs duties on crude soybean, sunflower, and palm oils to 20 per cent from zero, and on refined oils to 32.5 per cent from 12.5 per cent, effective September 14.

Shares of Bajaj Finance dipped nearly 4 per cent on BSE after the listing of Bajaj Housing Finance on the bourses.

Bajaj Housing Finance shares made a bumper debut on the stock exchanges with the shares getting listed at Rs 150 on the BSE.

Adani Power soared around 6 per cent after two of Adani group companies said they have received a Letter of Intent (LoI) for the supply of 6,600 MW hybrid solar and thermal power from Maharashtra State DISCOM.

BSE shares also zoomed over 18 per cent and hit an all-time high of Rs 3,448.

Investors remain optimistic about the possibility of a rate cut cycle following the US Federal Reserve’s upcoming FOMC meeting on September 17-18, adding to the market momentum.

The focus of the market now is on the US Fed, which is expected to cut rates by 25 bps on September 18.

However, some experts expect a larger rate cut of 50 bps due to signs of economic slowdown in the US.