The S&P BSE Sensex rallied nearly 400 points in early morning trade to hit a record high of 35,476 on Thursday while Nifty inched close to 10,900. It rose to a record high of 10,887.There was plenty of action in stock specific names as more than 40 stocks also rose to their respective record highs on the BSE which include names like APL Apollo Tubes, Yuken, Tata Sponge, Shemaroo, and DHP India Ltd.The number if stocks hitting fresh 52-weeks high on the BSE rose above 100 which include names like Pfizer, HDFC Bank, HDFC, MindTree, Axis Bank, Vakrangee, Dabur, ICICI Bank, Gruh Finance, Adani Enterprises, HUL, & L&T.Here is a list of top 4 factors which might be driving rally on D-Street:Strong global cues led to a sharp surge in Indian markets. The US markets ended at a record high with Dow closing above 26000 levels for the first time as investors' expectations for higher earnings lifted stocks across sectors.“Optimism over prospects for sustained strong global growth and improved corporate earning shave helped share markets rally at the start of 2018,” said a Reuters report.Tracking gains in US markets, most of the Asian markets also struck record highs along with Indian markets, it said.Banking stocks in the limelight:Banking stocks remain in the limelight after reports suggest that the government is thinking of allowing 100 percent foreign direct investment in private banks, sources told CNBC-TV18.Increasing the permissible limit for FDI in public sector banks to 49 percent from the current 20 percent is also being considered, the sources said.At present, FDI of up to 49 percent is allowed in private banks without the permission of the government, and up to 74 percent can be invested with the government's approval.GST Council meet:The Goods and Services Tax (GST) Council—the apex body for decision making headed by finance minister Arun Jaitley—is likely to consider the big bang recommendations from states and various officers’ panel in its next meeting on Thursday.GST is set to undergo significant changes, which will include simplification of return filing process, the amendment in laws and rules to simplify procedures, along with rate cuts of around 70 goods and services.Technical View:The Nifty50 rose to a fresh record high of 10,887 on Thursday and is aggressively moving towards its crucial resistance level placed at 11,000. The S&P BSE Sensex rallied by over 300 points to hit a record high of 35,476.The Nifty index formed a strong bull candle on the daily candlestick charts and negated any negative formation of Bearish Belt Hold which was formed in Tuesday’s session.The price action formed a sizable bull candle characterised by the significant real body with small lower wicks on either side, suggesting lack of follow-through beyond Tuesday’s decline amid broad-based buying.Rohit Singre of Bonanza Portfolio Ltd expects the index to trade on a positive note towards 10,900 so any dip towards 10,700 levels will be again buying opportunity for near term."The Nifty Bank also closed on fresh levels and formed 25,900 is immediate and strong support so again every dip in Nifty Bank will be buying opportunity for the targets of 26,500 and 27,000," he said.