The BSE Sensex Wednesday hit a record high when it crossed the 35,000 level for the first time in intra-day trade, buoyed by the government’s plan to reduce extra borrowing in the current financial year from Rs 50,000 crore to Rs 20,000 crore.

The government took the decision after assessing its revenue and expenditure pattern, said Subhash Chandra Garg, the Secretary of the Finance ministry’s Department of Economic Affairs.

The BSE index on Wednesday ended trade at 35,081.82 points, up by 310.77 points. The National Stock Exchange’s Nifty 50 Index rose 88.10 points to close at 10,788.55 points.

The shares of Axis Bank, the State Bank of India, and ICICI Bank gained the most on the two indices. Yes Bank was also one of the top five gainers on the Sensex.

Wipro, Hindustan Unilever Limited and the Oil and Natural Gas Corporation saw their shares decline the most on the two indices.

The rupee ended the day at 63.9375 against the US dollar, a day after it lost 55 paise – its biggest single-day crash in eight months.