Mumbai, Jan 16 (PTI) Market benchmark Sensex on Thursday scaled the 42,000 mark for the first time ever and Nifty hit its record peak in opening session tracking positive cues from global equities after the US and China signed an initial trade deal.

After hitting a record peak of 42,009.94, the 30-share BSE index was trading 127.65 points or 0.30 per cent higher at 42,000.38.

Similarly, the broader NSE Nifty scaled a lifetime intra-day high of 12,377.80. It was trading 28.45 points or 0.23 per cent higher at 12,371.75.

Sun Pharma was the top gainer, rising 1.30 per cent, followed by Nestle India, HUL, Kotak Bank, UltraTech Cement, Bajaj Auto and Bharti Airtel.

On the other hand, IndusInd Bank, Tata Steel, NTPC, Titan, Mahindra and Mahindra, Tech Mahindra, ONGC and Asian Paints were trading in the red.

According to traders, global stocks rallied as investors heaved a sigh of relief after the US and China on Wednesday signed the first phase of a trade deal, concluding more than a year of tough negotiations between the two largest economies of the world.

The deal includes Intellection Property Protection and Enforcement, ending forced technology transfer, dramatic expansion of American agriculture, removing barriers to American financial services, ending currency manipulation, rebalancing the US-China trade relationship and effective dispute resolution.

Bourses in Tokyo and Seoul were trading on a positive note in their early sessions, while those Shanghai and Hong Kong were flat.

Benchmarks on Wall Street ended at record highs on Wednesday.

Brent crude oil futures rose 0.61 per cent to USD 64.39 per barrel.

Meanwhile, the rupee appreciated 5 paise to 70.77 against the US dollar in morning session.

In the previous session, Sensex ended 79.90 points, or 0.19 per cent, down at 41,872.73; while the Nifty fell 19 points, or 0.15 per cent, to 12,343.30.

Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 279.53 crore, while domestic institutional investors sold shares worth Rs 648.34 crore on Wednesday, data available with stock exchanges showed. PTI

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