"Global markets have been attractive and supportive. Domestically, anecdotally as well, as hard figures are suggesting that more financial savings have been deployed in to equity through the mutual fund and various routes, which is driving the market at this time," Dipan Mehta said.
The main U.S. stock indexes hit record intraday highs on Monday, with the S&P 500 topping $20 trillion in combined market-capitalization for the first time ever, as the "Trump trade" jump-started on renewed optimism about the economy. President Donald Trump vowed last week to make a major tax announcement in the next few weeks, rekindling a rally that has stalled amid concerns over Trump's protectionist stance and lack of clarity on policy reforms. The S&P has surged 8.3 percent since Trump's Nov. 8 election through Friday's close, fueled by expectations Trump would lower corporate taxes, reduce regulations and increase infrastructure spending.