Mumbai, Dec 28 : Nifty ended on a record high for the fifth consecutive session on Thursday. At close, Nifty was up 0.57 per cent or 123.9 points at 21,778.7. Cash market volumes on the NSE rose to Rs 1.1 lakh crore, said Deepak Jasani, Head Retail Research at HDFC Securities. The activity was concentrated in PSU stocks, as nine out of the top 15 stocks traded on the NSE belonged to the PSU category, he said. Asian shares scaled five-month peaks on Thursday as market wagers on ever-more aggressive rate cuts extended a huge rally in US stocks. Gains in Asia were led by Chinese shares, which were headed for their best day in four months, boosted by a rotation into some of 2023's worst-performing sectors. European stocks opened mildly lower. Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, said that oil and gas, metals and pharma were the major gainers. Jewellery stocks were in momentum after gold prices climbed to over three-week highs amid fall in dollar and bond yields to multi-month low. The markets have been gaining for five consecutive trading sessions on the back of optimism over expected growth next year. Global markets too were supportive as investors hope for early US Fed rate cut in 2024. Also, FIIs have turned net buyers after being seller for six consecutive days. /IANS