Indian equities reached record highs lifted by IT stocks after a report said that U.S. President-elect Joe Biden planned to ease policy on work visas, also supported by broader Asian markets and aiding domestic sentiment following Biden win.

The NSE Nifty 50 index was up 1.33% by 10:00 IST while the S&P BSE Sensex index gained 1.38%. Both the indexes touched all-time highs when they scaled 42,474.97 and 12,430.9, respectively.

The Nifty IT index traded higher by as much as 2% after the news that Biden planned to increase limits on H-1B work visas which help firms employ Indian workers in the United States. IT sector heavyweight Infosys gained nearly 3%.

Banking stocks were also among the top gainers with ICICI Bank gaining 3.6%, and Axis Bank rising 2.8%.

Drugmaker Cipla and ITC Ltd. were among the top losers after they reported results on Friday.