Mumbai: Equity benchmark indices rallied in early trade on Monday, with the Nifty hitting its new all-time high and the Sensex climbing 290 points, helped by buying in IT stocks and fresh foreign fund inflows.

A rally in global markets also added to the optimistic trend in equities.

The 30-share BSE Sensex climbed 290.46 points to 80,809.80 in early trade. The NSE Nifty rallied 95.85 points to hit a new record peak of 24,598.

Among the Sensex pack, HCL Technologies climbed over 3 per cent after the IT services company on Friday posted a 20.4 per cent rise in consolidated net profit to Rs 4,257 crore for the June-ended quarter and gave a revenue growth guidance of 3-5 per cent for FY25 on GenAI diversification and strong operational execution.

UltraTech Cement, Tata Motors, Maruti, NTPC, Mahindra & Mahindra, Tata Consultancy Services and Kotak Mahindra Bank were among the other major winners.

Tata Steel, Asian Paints, Power Grid and Axis Bank were among the laggards.

In Asian markets, Seoul and Shanghai were trading higher while Hong Kong quoted lower.

US markets ended in positive territory on Friday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 4,021.60 crore on Friday, according to exchange data.