Stock Market Closing:  The Sensex rose 847.27 points, or 1.18 per cent, to close at 72,568, while the Nifty gained 247.30 points, or 1.14 per cent, to close at 21,894 on Friday.

A surge in IT stocks pushed Nifty, and Sensex to new record highs. A better-than-expected performance by tech majors Infosys and TCS fueled an all-around rally in the IT sector, pushing the Nifty above 21,900 for the first time. Weak global market sentiment and even better-than-expected US inflation data failed to boost investor sentiment.

In the broader market, the BSE midcap and smallcap indices traded up 0.36 per cent and 0.41 per cent respectively.

Strong buying interest in IT stocks was the biggest trigger for the market rally after Infosys reported in-line results and TCS surprised positively.

Only Nifty Auto and Nifty Pharma did not rally

Apart from Nifty Auto and Nifty Pharma, all other sectoral indices Nifty IT index closed up 5 per cent. The PSU Bank Nifty later rose around 3 per cent as investors remained bullish on its positive growth outlook in the near term.

The other major gainers were Nifty Energy, Nifty Infra, Nifty Metals and Nifty FMCG, which rose by half a per cent. Nifty Realty gained more than 2 per cent.

Globally, the US Markets were little changed overnight amid higher-than-expected inflation, while Japan's Nikkei stock average hit a 34-year high on Jan. 12.

Meanwhile,  domestic investors (DIIs) are supporting the market with steady inflows into mutual funds and buying by retail investors. DII investors were net buyers of over Rs 1,600 crore on January 11.

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