The Indian equity benchmarks rose to fresh record highs on Friday mirroring solid gains in global markets after US Federal Reserve surprised the global markets with a bigger than expected rate cut 50 basis points.

This trend has supported the Sensex and the Nifty 50 with the Nifty Bank index rising by a percent to hit a fresh record high of 53,559.35. Stocks such as ICICI Bank and HDFC Bank rose up to 2%. Additionally,

Out of the Nifty IT pack, Tata Consultancy Services, Coforge, and L&T Technology Services were trading up to 1% lower.

Sensex and Nifty hit fresh peaks on September 20. Take a look at all the factors leading the rally in the Indian market.

Technical chart suggests that ACC, IRCTC, PND and Aarti Industries could slide up to 28% from present levels owing to formation of 'Death Cross' on the daily chart; a long-term bearish indicator.

The 30-share BSE Sensex surged 439.75 points to 83,624.55 in early trade, while the NSE Nifty rose 132.05 points to 25,547.85. Among the top gainers from the 30 Sensex firms were JSW Steel, Tata Steel,

The S P BSE Sensex was up 415.45 points at 83,600.25 at 10:16 am, while the NSE Nifty50 gained 135.80 points to trade at 25,550.90.