A broad-based rally in the Indian stock market propelled benchmark indices to new record highs on Thursday.

At the close, the Sensex was up 1,439.6 points, or 1.8%, at 82,962.7, and the Nifty 50 was up 470 points, or 1.9%, at 25,388.9.

The Sensex hit its fresh record high of 83,116.19 during the session before closing at 82,962.71. The Nifty 50 hit its all-time high of 25,433.35 and finally closed at 25,388.90.

ITC, Bharti Airtel, HUL, Sun Pharma, Apollo Hospitals, Bajaj Auto, Britannia Industries, Cholamandalam Investment and Finance, Divi’s Labs, Havells India, IndiGo, Persistent Systems, and Zomato were among the large-cap stocks that hit fresh 52-week highs in intraday trade on the BSE.

On the Nifty 50, all stocks barring Nestle ended in the green, with Hindalco, Bharti Airtel, and NTPC leading the gains.

BSE Midcap and Smallcap indices jumped 1.32% and 0.79%, respectively.

The overall market capitalisation of the firms listed on the BSE rose to nearly Rs 467.1 lakh crore from Rs 460.8 lakh crore in the previous session.

Among the sectors, all indices posted gains with metals, automobiles, capital goods, technology, and power sectors surging 2-4%.

Shares of Varun Beverages soared 5% in early trade as they traded ex-stock split. The company had approved a 2:5 stock split for its shares.

Shares of electric vehicle stocks, particularly bus manufacturers JBM Auto and Olectra Greentech, rose by up to 9 per cent in morning trade after the Union Cabinet approved the PM E-Drive scheme. The scheme, with an outlay of Rs 10,900 crore for two years, aims to boost the adoption of EVs in India.

Kalyan Jewellers surged 4% and hit a record high of Rs 683.15, following a target price raise by brokerage firm HSBC.

Zomato gained 4.3%, rising for the sixth straight session to hit an all-time high after UBS reaffirmed a ‘buy’ rating on the stock with a target price of Rs 320.

The global rate-cut optimism both by the ECB and the US Fed has provided a positive impetus to the global market.

The ECB is almost certain to cut rates by 25 bps later on Thursday. The US Fed is expected to cut rates by 25 bps next week on September 18.