The Bombay Stock Exchange Sensex index crossed 38,000 for the first time ever on Thursday, while National Stock Exchange’s Nifty neared the 11,500 mark, despite Asian markets trading lower as trade war fears between US and China escalated.

But the International Monetary Fund (IMF) boosted investor confidence by saying India is on track to hold its position as one of the world’s fastest-growing economies.

All sectoral indices are trading positively, with maximum gains seen in metal, energy and public sector banks.

Among the major gainers was India’s largest privately owned lender ICICI Bank, whose shares gained 8.5% in intraday trading on Thursday after it clarified its situation in regard to bad loans. The bank said it has made full disclosures about its bad loans in its annual report, investor presentations and analysts’ calls, Moneycontrol.com reports.

However, leading mobile-phone services company Bharti Airtel, oil refiner ONGC and watchmaker Titan were the major losers.

The Sensex has risen from 37,000 to 38,000 in just 10 trading sessions. It hit the 37,000 mark on July 26 for the first time and it has been one-way traffic for the index, which passed the 38,000 level in intraday trade on August 9.