"We are readying for the next phase of the bull market," said Gautam Shah, associate director and technical analyst at JM Financial, after the market scaled all-time high on Thursday, with the Sensex crossing 37,000 mark for the first time and the Nifty going beyond its earlier high of 11,171.55.

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"I think this is just a beginning of a much bigger move ahead,” said Shah.

While, Ajay Srivastava, CEO of Dimension Corporate Finance Services said, “This is what we have been anticipating for the last six months."

Independent market expert Saurabh Mukherjea said we are in the late stages of five year long bull market.

“This is a rare case of this market hitting highs month after month and driven almost entirely by domestic money. Foreign investors have been absent from the market for the last couple of years in terms of flow. So for the first time in Indian history, we have a bull market which is almost entirely driven by high domestic inflows and we are going to celebrate that if not anything else,” he added.

This is the 20th time the Sensex has hit record high this year. The BSE index is up 8 percent year-to-date, while it was up 21 percent in the same period last year.

The Nifty has hit record high for the 14th time this year and has taken 123 trading sessions to be back at this level. The gauge is up by 6 percent year-to-date. The broader NSE index was up 22 percent in the same period last year.