Markets have extended gains with the Nifty index hitting fresh record high led by sustained buying among index heavyweight shares like HDFC and ITC.

At 14:10 PM, the 30-share Sensex was up 373 points at 28,635 and the 50-share Nifty was up 103 points at 8,654 surpassing its previous high of 8,626.95.

The main gainers on the Sensex are HDFC, Sesa Sterlite, Tata Steel, Hindalco and Axis Bank.

Shares of Housing Development and Finance Corporation (HDFC), the country’s largest mortgage financier, has gained 4% to Rs 1,228, also its record high on the National Stock Exchange (NSE).

Updated at 11:32

Benchmark indices continue to trade higher led by strong buying among metal shares post China’s GDP data and financial shares.

At 11:32AM, the 30-share Sensex was up 147 points at 28,409 and the 50-share Nifty was up 46 points at 8,596.

The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices have surged over 0.9% each.

Market breadth in BSE remains firm 1,509 shares advancing and 914 shares advancing.

Further, foreign institutional investors were net buyers in Indian equities worth Rs 433.72 crore on Monday, as per provisional stock exchange data.

At 11:20, the rupee was trading at 61.84 vs previous close of 61.71 against dollar.

Among overseas markets, China’s economy grew at its slowest pace in 24 years in 2014 as a cooling property market weighed on demand and is expected to lose more momentum this year, keeping pressure on policymakers to head off a sharper downturn.

China reported 7.3% growth in the fourth quarter of last year, against a forecast of 7.2%. Shanghai Composite index has gained 1.8% while Hang Seng index has gained 0.7%. Nikkei has extended gains from yesterday and is trading higher by around 1.7%.

Back home, BSE Metal index has surged by over 1.5% followed by counters like Banks, and Realty, both gaining by nearly 1% each. However, auto and IT shares are trading marginally lower.

Metal shares firmed up on hopes of revival in demand for metals after China reported better-than-expected fourth quarter GDP growth. Tata Steel, Hindalco, Jindal Steel and Sesa Sterlite were up over 2% each.

HDFC is the top Sensex gainer, up over 3% on expectations that demand for home loans would rise on the back of lower interest rates.

Bank shares like Axis Bank, SBI, HDFC Bank and ICICI Bank have gained between 0.4-2%. The Reserve Bank of India on Monday said it will allow banks to review their base rate methodology three years after it has been finalised, down from the current five years, in a move aimed at giving lenders greater flexibility in their operations.

Index heavyweight ITC was up over 1% contributing the most to the gains on the Sensex.

Other notable gainers are Cipla, Tata Motors, Sun Pharma, NTP and Bharti Airtel.

On the losing side, GAIL, HUL, M&M, Maruti Suzuki and Bajaj Auto have slipped between 0.5-2%.

HUL have extended yesterday losses and has fallen by 2%. Weak volume growth, muted margin gains and higher employee costs pulled down Hindustan Unilever (HUL)’s earnings for the quarter ended December 2014. The company’s net profit was driven by non-operational, one-time exceptional gains on sale of property.

Among other shares, Non-banking finance company (NBFC) S E Investments has soared 14% to Rs 299 on NSE after the company announced that is applying with the Reserve Bank of India (RBI) for conversion of the company into small finance bank.

Suven Life Sciences has surged 6% to Rs 220 on BSE after the pharmaceuticals company said it has been granted product patents by Australia, Hong Kong and Japan, for drug used in the treatment of neurodegenerative diseases.