Early on D-Street | Technical indicators hint at weakening momentum; 12,237 key level for Nifty

The Indian market extended its gains for the second consecutive day in the light of steady global cues on December 18.

Both Sensex and Nifty surged to new record highs and closed with gains of 0.5 percent each at 41,559 and 12,222, respectively.

Experts said the market sentiment continues to be positive on optimism that the initial US-China trade pact will allay one of the major risks to global economic growth. On the domestic front, the market expects government measures to continue to revive demand.

Sectorally, the Nifty PSU Bank index fell over 2 percent while Nifty Media pack closed 0.34 percent lower, rest of all sectoral indices ended with gains.

The rupee rebounded from early lows to close marginally up at 70.97 against the US dollar helped by a record-breaking run in equity markets and weak crude oil prices.