The Indian market hit a record high on Monday with the Sensex crossing the 42,200-level on positive global cues after Democrat Joe Biden defeated Donald Trump in the US presidential elections.

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At 9:15 am, the Sensex opened 0.91 percent, or 380.91 points, higher at 42,273.97, while the Nifty50 index opened at 12,399.40, up 135.85 points, or 1.11 percent. Gains in banking heavyweights lifted Bank Nifty more than 1.5 percent higher.

Broader markets also participated in the rally with Nifty Smallcap100 and Nifty Midcap100 indices up 0.70 percent each.

All the sectors traded in the green led by Nifty Private Bank, Nifty IT, Nifty Pharma and Nifty Financial Services.

Divi’s Laboratories, ICICI Bank, HCL Technologies, IndusInd Bank and Infosys were the Nifty50 top gainers, while ITC and Coal India were the only ones to trade in the red.

Shares of Divi’s Laboratories surged over 5 percent after the company’s net profit in Q2FY21 rose 45.6 percent to Rs 519.6 crore from Rs 357 crore while revenue increased 21 percent to Rs 1,749.3 crore from Rs 1,445.6 crore, YoY.

Globally, shares surged, oil prices jumped and the dollar stayed weak on Monday as expectations of fewer regulatory changes and more monetary stimulus under US president-elect Joe Biden supported risk appetite.

MSCI's broadest index of Asia Pacific shares outside of Japan jumped 1.3 percent to 613.95 points, the highest since January 2018. It had climbed 6.2 percent last week to clock its best weekly performance since early June.

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