Benchmark equity indices Sensex and Nifty hit their fresh all-time closing high levels on Monday, tracking foreign fund inflows and a rally in the U.S. markets.

The U.S. rate cut hopes and renewed foreign fund inflows are fuelling the recent rally in domestic equities, traders said.

Surging for the 10th straight session, the 30-share BSE Sensex jumped 194.07 points or 0.24% to settle at an all-time closing high of 82,559.84. During the day, it surged 359.51 points or 0.43% to reach a new intra-day record peak of 82,725.28.

The NSE Nifty climbed 42.80 points or 0.17% to settle at a lifetime closing high of 25,278.70, taking its winning run to the 13th day in a row. During the day, it soared 97.75 points or 0.38% to hit a fresh all-time intra-day peak of 25,333.65.

Among the 30 Sensex firms, Bajaj Finserv, Bajaj Finance, HCL Tech, IndusInd Bank, ITC, UltraTech Cement, Axis Bank and Infosys were the biggest gainers.

On the other hand, Tata Motors, NTPC, Mahindra & Mahindra, Bharti Airtel, Larsen & Toubro and Power Grid were among the laggards.

In Asian markets, Seoul and Tokyo settled in the positive territory, while Shanghai and Hong Kong ended lower.

European markets were trading in the negative territory. The U.S. markets ended higher on Friday.

Foreign Institutional Investors (FIIs) bought equities worth ₹5,318.14 crore on Friday, according to exchange data.

"The market has entered a zone of steady but mild up-move caused by the accumulation of quality large-caps. FIIs turning buyers last week mainly due to some large bulk deals also has improved sentiments in the market," said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude climbed 0.14% to $77.04 a barrel.

Gross GST collections in August grew 10% to about ₹1.75 lakh crore, reflecting higher domestic consumption.

On Friday, the BSE benchmark climbed 231.16 points or 0.28% to settle at an all-time closing high of 82,365.77.

In its best winning streak since its launch in 1996, the NSE Nifty soared 83.95 points or 0.33% to hit a new lifetime closing high of 25,235.90, taking its victorious run to the 12th day in a row.