The Indian equity benchmark indices Sensex and Nifty50 had a great run today, opening with an all-time highs of 42,566.34 and 12,451.80, respectively. Such a record-high opening was last seen on January 20.

At 12 pm, the Sensex traded 460 points higher to 42,3560.45 while the Nifty50 index traded at 12,393.15, up 129 points higher. Both indices were up a percent higher. Meanwhile, the broader indices traded nearly 0.5 percent higher.

Since January, Divi's Labs (+71 percent) posted the most gains to become the top Nifty50 gainer followed by Cipla (+65 percent), Dr Reddy's Labs (+60 percent), Infosys (+45 percent), HCL Technologies (+44 percent), Wipro (+39 percent), TCS (+25 percent) and Reliance Industries (+34 percent).

While top losers included ONGC (-45 percent), IndusInd Bank (-45 percent), Coal India (-39 percent), Bajaj Finserv (-34 percent) and SBI (-30 percent).

Here are the main factors behind market's new peak today:

Joe Biden's victory:

After one of the most turbulent presidencies in the US, Joe Biden defeated Donald Trump to become the 46th President of the United States, by gaining more than 270 Electoral College votes.

Most analysts believe that this is a big positive news for India, and will have a favourable impact on the stock market. Given that Biden was supported hugely by the non-white community, India will be at a beneficial position.

Q2 earnings: The overall market sentiment is positive on the back of global cues and favourable earnings announcements. With steady recovery in the economy, most companies are hopeful of reporting a better earnings quarter in Q3FY21 as compared to Q2.

Moreover, despite of COVID, companies have delivered a much better Q2 as was expected earlier.

FIIs investment: Foreign institutional investors (FIIs) have been on a buying spree in the Indian market. FIIs have pumped in Rs 13,399.41 crore into the Indian market in the month of November so far, data available with Moneycontrol showed.

"By the end of this month, India's weight in MSCI will go up. That is supposed to cause an inflow of about $3 billion. This month will be good as far as inflows of FII is concerned," said Samir Arora, Founder & Fund Manager, HeliosCapital.

Global cues: Investors in the past few days have been triggered by the positive sentiment in the global markets over Biden's victory and expectations of a stimulus package.