The benchmark Sensex and Nifty rallied for a third day in a row to close at fresh lifetime high levels on Monday following buying in banking and oil stocks and FII inflows.

Analysts said the first quarter results by Indian companies have been mostly in line with expectations, triggering a rally in local equities despite mixed global cues.

The 30-share BSE Sensex jumped 529.03 points, or 0.80 per cent, to settle at its new all-time closing high of 66589.93.

During the day, it climbed 595.31 points, or 0.90 per cent, to hit its lifetime intra-day peak of 66656.20. As many as 18 Sensex shares closed in the green while 12 declined. The NSE Nifty also soared 146.95 points, or 0.75 per cent, to close at a record high of 19711.45. During the day, it rallied 167.35 points, or 0.85 per cent, to intra-day high of 19731.85.

SBI rose the most from the Sensex pack by 2.82 per cent. Gains in Wipro, RIL, HDFC Bank, Kotak Mahindra Bank and IndusInd Bank helped the index close at record levels.

HDFC Bank climbed 2 per cent after the company reported a 29.13 per cent jump in consolidated net profit for the June quarter at Rs 12,370.38 crore. Tata Motors, Bharti Airtel, Titan and JSW Steel were among the laggards.

“Despite the mixed performance observed in the Asian market due to China’s underwhelming GDP data, the Indian market exhibited resilience, in anticipation of a bumper Q1 result,” Vinod Nair, head of research at Geojit Financial Services, said.

“The sharp surge in the banking index after a pause in the IT pack reaffirms our bullish view and we are eyeing Nifty to gradually inch towards a new milestone i.e. 20,000 mark,” Ajit Mishra, SVP — technical research, Religare Broking Ltd.

The BSE smallcap gauge climbed 0.85 per cent and the midcap index advanced 0.29 per cent.