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Indian shares ended higher, hitting record highs for the third straight day and gaining for the sixth consecutive session, led by blue-chip stocks tracking firm regional trends on hopes that the European Central Bank would unveil large-scale quantitative easing later in the day.
The benchmark BSE index gained 117.16 points or 0.41 per cent at 29,006.02 points. Earlier in the day, it advanced as much as 0.59 per cent to hit a record high of 29,060.41.
The broader NSE index closed up 31.9 points or 0.37 per cent at 8,761.40 points. The index made a all-time high of 8,774.15 earlier in the session.
Barring oil & gas, infrastructure and consumer durables, all other BSE sectoral indices ended in the green. Among them, healthcare index gained the most by 1.69 per cent, followed by capital goods 1.12 per cent and auto 0.72 per cent. On the other hand, consumer durables index was down 0.96 per cent, oil & gas 0.77 per cent and infrastructure 0.27 per cent.
Major Sensex gainers were Sun Pharma 3.65%, Axis Bank 3.3%, Tata Motors 2.7%, ONGC 2.01% and Cipla 1.73%, while the top five losers were NTPC 2.44%, Reliance 2.27%, Hero MotoCorp 1.33%, Maruti 1.02% and ITC 0.64%.
Domestic sentiment was also buoyed on optimism that the government will continue with the reform agenda.
Investors have started rearranging portfolios on expectations of economic and fiscal reforms after the government said it would present the 2015-16 budget on February 28.
Overseas investors bought Indian shares worth Rs 2,066 crore ($334.7 million) on Wednesday, extending their buying streak for the fifth straight session, provisional exchange data showed.
"Positions are being build ahead of the budget. Overseas investors have put a lot of money in the last couple of days," said Deven Choksey, managing director of KR Choksey Securities.
"We remain bullish and valuations are still comfortable. I expect Nifty to trade between 8,400 and 9,000 for the time-being," he said.
European shares were at a seven-year high and the euro sat near an 11-year low on Thursday as the European Central Bank prepared to take the plunge into full-scale quantitative easing.
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