Indian markets ended on a firm note today with both Sensex and Nifty ending at record closing highs. The Sensex ended 199 points higher at 41,020, it first close above 41,000. The broader Nifty too ended at a record closing high of 12,100, up 0.52%. Nifty Bank index also ended at record high, rising 0.50%.

Yes Bank shares surged 8.3% while RBL Bank rose 5.3%. SBI, Bank of Baroda and Kotak Bank rose between 1% and 3%.

Auto stocks led gains in the Nifty index as their main sub-index rose 1.3%. TVS Motor surged nearly 5% while Bharat Forge, Maruti Suzuki, Apollo Tyres and Tata Motors rose between 1.5% and 3%.

Elsewhere, shares of Ujjivan Financial Services rose 4.6% to 324. The IPO of Ujjivan Small Finance Bank will open on December 2 and the price band has been fixed at 36-37 a share. Microfinance lender Ujjivan Financial Services is the holding company of Ujjivan Small Finance Bank.

Shrikant Chouhan of Kotak Securities attributed the record run in Indian markets to buying from FIIs since last couple of weeks and cooling down of global worries on the trade tariff front. Domestic news flow is shaping up positively, he added. The government has in recent months a slew of measures to boost economy including corporate tax rate cut and stimulus for the crucial real estate sector.

"The underlying sentiment remains positive and we expect 12,200 to be conquered in the near term. For the next few weeks we expect positive bias to continue with pace of up-move to be very gradual. Strong support is seen at 11840/11700 on the downside; any meaningful correction is a good buying opportunity," said Sahaj Agarwal, head of derivatives, Kotak Securities.

Rising expectations that China and the US will soon reach an interim trade deal provided fresh impetus to global markets today.

"We're in the final throes of a very important deal, I guess you could say one of the most important deals in trade ever," US President Donald Trump said on Tuesday. (With Agency Inputs)

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