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The BSE market cap touching a record high of around $4.7 trillion reflects the strength of the ongoing bull run and the momentum in the market, said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The fact that the crucial Buffet Ratio (market cap to GDP) is signalling very high valuation at above 120 per cent is a matter of concern. But this is unlikely to halt the bull run in the near-term since flows into the market from domestic individual investors and DIIs continue to be strong, he added.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, said domestic equities attained new highs with Nifty touching fresh levels of 22,186.65 levels before closing with gains of 81 points at 22,122. The midcap and smallcap indices surged in line with the benchmark.

Majority of the sectors ended in the green. Consumer durables, pharma, and FMCG were the top gainers on Monday, while realty, PSU bank, and IT were the laggards, Khemka said.

"The US equity market is closed on Monday on account of President's Day. Overall, we expect the market to continue its upward momentum while taking support from global cues. US Fed meeting minutes that would be released during the week would hold importance after the US reported above-expectation CPI and PPI data, which dampened sentiments," Khemka added.