Banks drive Sensex to record closing highs after breaching 37,000 mark

Indian shares hit record closing highs on Thursday led by banks, with the benchmark BSE Sensex breaching the 37,000-mark for the first time earlier on the day of expiry of monthly derivatives contracts.

The broader NSE Nifty ended 0.32 percent higher at 11,167.3 after hitting a life-high of 11,185.85 earlier in the session.

The BSE index hit a record high for a third consecutive session before ending up 0.34 percent at 36,984.64. The benchmark took only 13 trading sessions to jump from 36,000 to 37,000.

Bank shares gained as more state-run lenders lined up to enrol for a scheme for faster bad-loan resolution. State Bank of India closed more than 5 percent higher.