The NSE Nifty soared for the seventh straight session to close at a fresh lifetime peak on Monday as a steady decrease in the daily Covid-19 trend encouraged investor sentiment amid mixed global cues.

Ahead of GDP data, robust buying was witnessed by market heavyweights Reliance Industries, HDFC twins and ICIC Bank.

The 30-share BSE Sensex also rose, for the fourth day, to end 514.56 points or 1.00 per cent higher at 51,937.44, around 200 points shy of its closing record hit on February 15 this year.

The broader NSE Nifty surged 147.15 points or 0.95 per cent to 15,582.80, closing at a record high for the third consecutive session.

Top gainers in the Sensex pack included Reliance Industries, that surged by 3.13 per cent, followed by ICICI Bank, Bharti Airtel, Dr Reddy's, Maruti, ITC, NTPC and Axis Bank.

On the other hand, M&M, Infosys, L&T, IndusInd Bank, Tech Mahindra and Sun Pharma were among the top losers, skidding up to 4.53 per cent.

"Amidst mixed global trends, Indian equities registered gains ahead of Q4 GDP data which has a mixed forecast. But it is expected to be better for FY22 and increased optimism from declining Covid cases is helping the market.

"The rise in heavyweights supported the rally and sectors like metal, private banks and energy witnessed maximum gains in anticipation of better economic growth," said Vinod Nair, Head of Research at Geojit Financial Services.

India reported the lowest daily new coronavirus infections in 50 days with 1,52,734 cases, taking the tally to 2,80,47,534 on Monday, while the active caseload declined to 20,26,092, the Health Ministry said.

"After opening marginally in red, the benchmark drifted marginally lower in the early trades but healthy buying interest in select heavyweights triggered sharp recovery as the day progressed...

"Meanwhile, the last leg of earnings season is also expected to induce stock-specific volatility. Some states have announced relaxation in restrictions and we expect further easing in the coming weeks," said Ajit Mishra, VP - Research, Religare Broking.

All BSE sectoral indices apart from auto and IT finished in the green, primarily led by energy (up 2.46 per cent), metal (2.25 per cent), telecom (1.63 per cent), and oil & gas (1.36 per cent).

The BSE midcap and small-cap gauges also climbed up to 0.50 per cent in the broader markets.

Meanwhile, the rupee halted its three-day winning run to decline by 17 paise, closing at 72.62 against the US dollar, and tracking the strengthening of the American currency in the overseas market.

Global equities were mixed amid muted volumes as the US and UK markets were closed for a holiday.

Elsewhere in Asia, bourses in Shanghai and Seoul ended on a positive note, while Hong Kong and Tokyo ended in the red.

Equities in Europe were trading on a mixed note in mid-session deals.