Mumbai, Jul 3 (IANS): Indian equity indices closed at record highs on Wednesday following a rally in heavyweights like HDFC Bank, ICICI Bank, and Kotak Mahindra Bank.

At closing, Sensex was up 545 points, or 0.69 per cent, at 79,986 and Nifty was up 162 points, or 0.67 per cent, at 24,286.

During the day, Sensex and Nifty recorded a new all-time high of 80,074 and 24,309 respectively. This is the first time ever when Sensex and Nifty crossed 80,000 and 24,300 mark.

In the Sensex pack, Kotak Mahindra Bank, HDFC Bank, Axis Bank, IndusInd Bank, Power Grid, SBI, and JSW Steel were the top gainers. TCS, Titan Company, Reliance, Tata Motors and L&T were the top losers.

Sector-wise, almost all the indices closed in the green.

PSU banks, private banks, metal, and FMCG were major gainers. Buying has also taken place in small and medium stocks.

The Nifty Midcap 100 index closed at 56,293, up 438 points or 0.79 per cent, and the Nifty Smallcap 100 index closed at 18,700, up 191 points or 1.03 per cent. Banking shares supported the market's rally in the trading session. Nifty Bank closed at 53,036, up 921 points or 1.77 per cent.

Neelesh Surana, Chief Investment Officer, Mirae Asset Investment Managers (India) said: "The market has reached another milestone. We believe this is logical as markets are leading indicators of macro stability and future growth. We believe that India has strong and sustainable drivers for secular growth, and thus our view on equities remains constructive."

"We would advise investors to follow a well-crafted and balanced allocation towards equities, and remain committed preferably via SIP," he added.