The Indian benchmark indices surged to fresh record highs on Monday as global markets have become optimistic after China and the United States agreed to resume trade talks this week. The rupee recovered too and shed its below-70 levels against the United States dollar where it had consistently stayed last week.

The BSE Sensex closed 330.87 points up at 38,278.75, while the Nifty 50 was 81 points higher at 11,551.80. This is the first time the National Stock Exchange’s Nifty 50 has crossed the 11,500 mark.

The Indian rupee was at 69.77 against the US dollar, against the previous close of 70.14 on Thursday. The foreign exchange markets were closed on Friday on account of Parsi New Year. The rupee had fallen below 70 for the first time on August 14.

The Sensex and the Nifty 50 had surged on Friday as well after reports of China and the United States agreeing to resume trade talks.

Larsen & Toubro, Tata Motors, Oil and Natural Gas Corporation and Tata Steel were the top gainers on both the Sensex and Nifty 50. The biggest loser on the Sensex was Infosys, followed by Maruti Suzuki India, ICICI Bank, Axis Bank and Hindustan Unilever. The stocks that declined the most on the Nifty 50 were Infosys, GAIL, Titan Company, HCL Technology and Lupin.