Mumbai, Aug 9 (IANS): The benchmark equity index -- S&P BSE Sensex -- crossed the 38,000-points mark during the mid-afternoon trade session on Thursday.

According to market observers, the fresh record high for the barometer index comes on the back of domestic political development which renews confidence in the incumbent National Democratic Alliance (NDA) government.

On Thursday, Janata Dal United's Harivansh Narayan Singh was elected the Deputy Chairman of the Rajya Sabha. Harivansh was fielded by the BJP-led ruling NDA.

Also, broadly positive global cues, along with better-than-expected quarterly results and inflow of foreign funds pushed the key index higher.

At 1.10 p.m., the benchmark S&P BSE Sensex traded at 38,032.23 points, higher by 144.67 points or 0.38 per cent from its previous close.

The barometer index touched a fresh record high of 38,076.23 points and a low of 37,939.28 points during the day's trade.

Similarly, the wider Nifty50 of the National Stock Exchange (NSE) traded at 11,469.90 points, higher by 19.90 points or 0.17 per cent.

The NSE Nifty50 made a fresh intra-day record high of 11,469.90 points.