It is also the longest run of monthly advances since November 2014.
Market rally continued for the third straight session on Wednesday, with Sensex surging over 109 points to end at a fresh 13-month high of 28452.17 on sustained fund inflows despite a caution ahead of the release of key macroeconomic data later in the day.
On monthly basis, in August both the key indices - Sensex and Nifty - recorded their sixth straight month of gains by rising 401.31 points, or 1.43%, and 147.70 points, or 1.70%, respectively. This is also the longest run of monthly advances since November 2014.
In the current fiscal (2016-17), the Sensex has so far gained 3110.31 points, or 12.27%.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 390.63 Cr on Tuesday, as per provisional data released by the stock exchanges.
The broader NSE Nifty after recapturing the 8800-mark after 16 months touched a high of 8819.20 on Wednesday but profit-taking dragged it down to close at 8786.20, still up 41.85 points or 0.48%.
Moreover, encouraging earnings by some more companies and a mixed trend in global markets too buoyed trading sentiment.
Shreyash Devalkar, Fund Manager Equities, BNP Paribas Mutual Fund, said, "Sensex and Nifty traded higher and hit their highest level in over 13 months and 16 months in intra-day trade, respectively. Domestic investor sentiment remained buoyed, despite mixed global cues and a sharp up-move in the dollar index."
The benchmark BSE Sensex after shuttling between 28532.25 and 28363.10, finally ended 109.16 points, or 0.39%, higher at 28452.17 on sustained foreign fund inflows and increased buying by domestic financial
institutions ahead of the GDP data for the June quarter, to be released later in the day.
This is the highest closing since July 22, 2015. The index had rallied 560.76 points in the previous two sessions.
Broader markets also continued to display firm trend as retail investors widened their exposure, with the BSE mid-cap index rising 0.37% and small-cap gaining 0.18%.
RBL Bank share made a spectacular debut with a nearly 22% premium on the bourses on Wednesday, against the issue prices of Rs 225.
Consequently, auto-maker stocks remained buyers' fancy ahead of monthly sale numbers to be announced on Thursday.
Major gainers were Hero MotoCorp with 2.13% rise followed by Tata Motors 1.73%.
Moreover, among banking pack, HDFC Bank, ICICI Bank, Axis Bank and SBI surged by up to 1.83%.
In a major boost to the construction sector, the Union Cabinet on Wednesday approved an array of measures including easing of rules for quicker settlement of disputes, pumping in liquidity and reinvigorating stalled projects.
Reacting to this, shares of Hindustan Construction Company soared 20% to Rs 27.50.
Out of the 30-share Sensex pack, 11 scrips ended higher. Major gainers were L&T (2.71%), Asian Paint (1.09%), ITC Ltd (1.05%), HDFC Ltd (0.99%), Power Grid (0.52%), and Wipro (0.29%).
Among laggards, Tata Steel fell the most by 1.95%, followed by ONGC 1.92%, Lupin 1.71%, NTPC 1.58% and TCS 1.42%.
Sector-wise, capital goods rose by 1.40% followed by bankex 1.20%, consumer durables 0.17%, auto 0.35% and FMCG 0.15%, while metal fell by 1.40% and realty 0.81%.
In Asia, Japan's Nikkei settled 0.97% higher and Shanghai Composite Index rose 0.35%, while indices in Hong Kong, Singapore and South Korea fell up to 0.18.
Europe was narrowly mixed with indices in Paris rising 0.40%, while London's FTSE dipping 0.11%.
Frankfurt's fell 0.22% in their early trade.
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