RIL vaulted by more than 4%; Oil, banking and auto were the leading sectoral gainers on the BSE.
The benchmark indices surged by more than 1% to end at the highs of the day, shrugging off the weak sentiment in other markets, galvanised by strength in Reliance Industries and a rebound in Sun Pharma and Hindustan Unilever.
Banking and auto stocks also aided the momentum on the bourses.
The BSE Sensex ended at 28,504, stronger by 322 points or 1% and the Nifty settled comfortably above the 8,600 mark at 8,633, up 104 points.
The broader markets also had a good session in tandem with their largecap counterparts; the BSE Midcap and Smallcap indices gained about 1% each at 11,234 and 11,676 respectively.
The market breadth was positive, with 1,763 advances against 1059 declines on the BSE.
Meanwhile, the market participants would be keeping a close watch on the monsoon session of Parliament, which started on a stormy note on Tuesday.
The government is looking to pass key bills including the controversial Land Acquisition Bill and GST bill. In related news, a Rajya Sabha Select Committee on the Goods and Services Tax (GST) bill presented its report in the upper house.
Passage of GST Bill would undoubtedly be a big trigger for the markets. "Despite a difficult start to the monsoon session of parliament, the market has moved higher. Post the submission of the parliamentary panel report, the market hopes that GST bill may be passed in the Rajya Sabha.
Moreover, the market would also be influenced by Q1FY16 results of large caps which will be announced in next few days," said Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services. The rupee trimmed losses and was trading flat at 63.54 against the US dollar.
Asian stock markets declined on Wednesday after U.S. earnings fell short of expectations and investors began to focus on next week's Federal Reserve meeting.
Japan's Nikkei fell 1.3% to 20,579, South Korea's Kospi lost 1.1% to 2,060 and Hong Kong's Hang Seng slipped 0.9% to 25,303.
The European indices, including the CAC, DAX and FTSE had shed 0.5%-1% in early trades.
Sectors and stocks
All the sectoral indices ended in the green, with the exception of the IT space.
The BSE Oil & Gas index jumped by more than 2% to emerge as the top sectoral gainer on the BSE. Reliance Industries was the leading Sensex gainer, vaulting by 4.2% at Rs 1,050 ahead of its April-June earnings on Friday.
Analysts expect Reliance’s gross refining margins (GRM) to come at $9.5 in the June quarter, while petchem margins could compensate and provide the kicker. RIL has galloped by nearly 15% since mid-June after annopuncing plans to launch Reliance Jio.
Among other oil stocks, HPCL, BPCL, IOC and Coal India have gained about 2% each.
The banking stocks also joined the party on Dalal Street, with ICICI Bank, SBI Bank and HDFC Bank strengthening by 1-2% each.
The auto stocks also had a great ride, with M&M, Bajaj Auto, Maruti and Hero Motocorp gaining 1-3% each. Sun Pharma, which had recorded its biggest single-day decline of 15% in the previous session due to a bleak profit warning, rebounded by 3%. Hindustan Unilever, which had shed about 2% post its Q1 numbers on Tuesday, also gained 2% during the day.
On the other hand, the IT stocks had a sluggish session.
TCS ended weak for the second straight session, shedding about 1%. And Infosys ended on a subdued note, losing 0.6%, as investors resorted to profit-booking post the gains in the previous session.
Supreme Petrochem was locked at the upper circuit of 20% at Rs 114 after the company reported an over eight-fold jump in net profit at Rs 63.42 crore for the quarter ended June 30, 2015 (Q4), due to lower raw material costs.
Indiabulls Housing Finance gained 7.7% at Rs 716 after the company reported a 21% jump in profit at Rs 511 crore in the June quarter on higher loan disbursement.
PVR moved higher by 5% to Rs 860 after the company reported a better-than-expected eight-fold jump in consolidated net profit at Rs 58 crore for the quarter ended June 30, 2015 (Q1), on the back of strong operational income.
Sanofi India was up 3% at Rs 3,625 after the company posted nearly 12% growth in net profit at Rs 64.20 crore for the quarter ended June 30, 2015 compared to Rs 57.50 crore for the same quarter last fiscal.
TV18 Broadcast dipped 12% to Rs 37 after the company reported a sharp 75% year-on-year (YoY) decline in consolidated operating profit at Rs 11.80 crore for the quarter ended June 30, 2015 (Q1 FY16). On the other hand, Eicher Motors shed nearly 1% at Rs 21,164 on profit booking post April-June (Q2) quarter results.
Eicher Motors, the Royal Enfield maker, on Tuesday had reported a 41% year-on-year (YoY) increase in consolidated net profit at Rs 222 crore for the second quarter ended June 30, 2015.
The company had posted a net profit of Rs 157 crore for the corresponding period a year ago. Bajaj Finserv, Ceat, JSW Energy, KPIT and SKS Micro Finance are set to unveil their April-June earnings later during the day.