That marks its fourth record high this week, surpassing the previous all-time high on Wednesday

"The market direction is likely to remain positive going forward. We believe investors will be willing to give a premium for growth potential, especially as cyclical economic recovery starts manifesting in data points...therefore we maintain our Nifty target for end-2014 at 8000," UBS analyst Gautam Chhaochharia said in a note.

On Thursday, the US markets cracked after Argentina announced that it had defaulted on its debt. The Dow Jones closed 1.88% lower, while Nasdaq ended 2.09% lower on Friday.

The 50-issue NSE Nifty index regained the 7,800-level for the second time this month by surging 41.35 points, or 0.53 per cent, to trade at an all-time high of 7,809.20, surpassing its previous intra-day high of 7,808.85 touched on July 8.

Its wholesale counterpart declined to a four-month low of 5.43% in the month and wholesale price inflation eased to a four-month low in June after the new government curbed farm exports.

The stock had outperformed the market by gaining 2.4% in last week compared to 3.7% decline in benchmark CNX Nifty.

All four large-cap IT stocks - Infosys, Tata Consultancy Services (TCS), HCL Technologies and Wipro are up in the range of 1-2%. Rolta, Tech Mahindra, KPIT Cummins, NIIT Technologies and Hexaware Technologies are up 2-4% on NSE.

Hitting a new peak for the second straight session, the 30-share barometer surged 83.04 points, or 0.32 per cent, to trade at 25,924.25, surpassing its previous intra-day high of 25,864.53 reached yesterday.

The market will take a close look at the U.S. non-farm payroll data, due on July 3, which will direct the short-term trend in global equities.