Mumbai: Indian markets followed global stocks to hit record levels on Friday as de-escalation of tension between the US and Iran resulted in further fall of oil prices. While the benchmark Sensex was trading near its life-time high the broader Nifty made a fresh high of 12,311 on Friday.

Global oil benchmark, Brent, on Friday was back to the pre-attack levels. At 1.22 p.m., the Brent quoted $65.33 a barrel. Brent crude futures had climbed up to $71 after a US drone attack killed one of Iran's most powerful generals, Qasem Soleimani.

The Sensex was up 249.73 points or 0.60 per cent to 41,702.08 after opening over 100 points higher at 41,568.20. It touched an intra-day high of 41,775.11,less than 50 points from its life-time high of 41,809.96.

The broader Nifty traded at 12,282.20, up 66.30 points or 0.54 per cent. The gains were led by HDFC Bank, Infosys, ITC and Kotak Mahindra Bank.

Easing tension also resulted in sharp decline in Gold and Silver prices. On MCX, February gold futures declined by 0.38 per cent to Rs 39,680 per 10 gram.

Silver futures on MCX also fell to Rs 46,419. Gold prices in India had surged to a record high of Rs 41,293 per 10 gram in the backdrop of the US-Iran tension.