Nifty moved higher today to set new highs, with gains led by banking, oil & gas and power stocks. Market analyst Sanjeev Bhasin said the market trend remains positive due to foreign inflows, lower global crude prices and a pullback in the rupee.

Brent crude fell below $103 a barrel as Libya increased its oil output and as worries over supply from key producer Iraq eased. Markets also got a boost from foreign investors who bought Rs. 625 crore worth of Indian stocks on Thursday. Indian bond and currency markets are closed for a second consecutive session on Monday because of Janmashtami.

Among Nifty gainers, BPCL rose over 4 per cent while Tata Power advanced nearly 3 per cent.