Broader market outperformed the frontline indices and also hit their respective all-time highs
The BSE Sensex zoomed 318 points to end at 33,351.57, while the broader Nifty spurted 88 points to 10,242.65.
Oil & gas, banking and pharma sector stocks stole the show
BSE Smallcap index outperformed the frontline indices to rise 0.6%, while the BSE Midcap was flat
Markets opened marginally higher helped by a rebound in index heavyweights
Axis Bank emerged as the biggest gainer in the Sensex pack, surging 6.62 per cent, followed by SBI at 5.88 per cent.
The NSE Nifty went past the 8,600-mark for the first time since November 1.
Most of the session's gains for both the indices were wiped out as investors rushed to book profits ahead of F&O expiry on Thursday and also due to concerns over stretched valuations.
Sun Pharma was by far the biggest gainer in the Sensex pack, surging 8.13 per cent, followed by Dr Reddy's at 4.92 per cent.
Investor wealth too fell by nearly Rs 7 lakh crore during 2015-16 or over Rs 2,700 crore per trading session.
Gains in key IT, capital goods, healthcare and metal stocks, after consistent buying by domestic and foreign investors, helped both the key indices to scale new peaks.
The 50-share NSE Nifty slipped below the 8,200-mark to touch a low of 8,154.45, but settled at 8,170.80, down 90.95 points, or 1.10 per cent
The broad-based NSE Nifty rose 52.80 points, or 0.50 per cent, to end at 10,530.70
Maruti Suzuki, Asian Paints, L&T, ONGC and Infosys have gained between 1%-1.5%.
Markets ended flat on Tuesday, amid a volatile trading session, as investors exercised caution ahead of the two-day FOMC meet starting today and Reserve Bank of India's monetary policy later this week.
Muted global trend after a report that US President Donald Trump was preparing to impose more tariffs on China hurt trading sentiments.
The NSE 50-share Nifty spurted 97.25 points, or 0.92 per cent, to 10,715.50
Among the gainers, Sun Pharma topped by rising 3.03 per cent as the weak rupee tempted buyers to accumulate shares of pharma exporters.
Mixed global cues and decline in crude oil prices further dent the sentiments.
The sentiment-driven rally also got support from stock specific earning results and Finance Minister Arun Jaitley's statement that the Centre will step up reforms to attract more investment and fill up infrastructure deficit.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen ended at 3,355.16 points and the Shanghai Composite Index at 3,116.35.
Sun Pharma was the best gainer among Sensex components, surging 6.91 per cent
The 50-share NSE Nifty settled lower by 76.05 points, or 0.88 per cent, at 8,615.25
Fresh buying by domestic institutional investors and better-than-expected June quarter results from some blue-chip companies boosted investor sentiment
The broader Nifty also succumbed to the pressure before recovering to close lower by 6.35 points, or 0.07 per cent at 8,693.05
Tata Steel was the day's worst performer in the Sensex pack, plunging 3.25 per cent, followed by Bharti Airtel at 3.05 per cent.
The S&P BSE Sensex surged 217 points to end at 25,736.
Investors lost around Rs 1.57 lakh crore in market valuation on Friday.
Shares of L&T Technology Services, an arm of engineering giant Larsen and Toubro, made a decent debut on the bourses
The Sensex and Nifty remained above their key levels of 36,000 and 10,900 throughout the session, indicating strong investor optimism after a prolonged spell of caution.
Markets ended in red, index heavyweights drag.
Bajaj Auto was the top gainer in the Sensex pack, surging 3.95 per cent followed by Maruti Suzuki at 2.69 per cent.
The BSE Midcap and the BSE Smallcap indices pared all intraday gains to end 0.3% and 0.5% lower
Domestic market is losing its trend to rate sensitive stocks post the announcement of the new RBI governor who is likely to maintain a cautious stance on interest rate cut
Market experts believe the retreat is because of uncertainty.
The S&P BSE Midcap and S&P BSE Smallcap indices hit a new lifetime high
Among other stocks, IT firm Mphasis today reported a 15.30% increase in consolidated net profit at Rs 184.72 crore for the quarter ended September 30, 2015.
Global cues lift Sensex 364 points; Nifty ends above 8,650.
Tata Motors was the worst performer on the Sensex, plummeting 10.32 per cent to Rs 436.55 after the company reported a steep 96.22 per cent decline in consolidated net profit for the December quarter.
Chinese shares opened lower, with the Shanghai Composite Index down 1.8% and the CSI300 index down 2.2%.