The broader markets were also in top gear, with the BSE midcap index surging by 2.1% at 11,431 and the smallcap index gaining 1.4% at 11,735.
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.
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ITC, Infosys, Wipro and HDFC Bank among the major losers.
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.
Maruti Suzuki was the biggest gainer among Sensex scrips, rising 5.89 per cent, followed by M&M up 5.29 per cent.
The broad-based NSE Nifty rose 52.80 points, or 0.50 per cent, to end at 10,530.70
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
After touching a fresh all-time low against the US dollar on Thursday, the rupee jumped 27 paise to end at 68.46.
The Sensex closed the day at 27,490, higher by 479 points and the Nifty ended at 8331.95, up 150.45 points.
Construction major L&T was the biggest gainer among the Sensex components, spurting 2.30 per cent, after the company said its board has approved a Rs 9,000-crore share buyback plan.
Investor sentiments remained upbeat tracking global developments as the US, China geared up for trade talks due this week.
Financials emerged as the top gainers while auto shares rallied on robust September sales
Top gainers among the S&P BSE Sensex include GAIL, Dr Reddy's Laboratories and Bharti Airtel, all edging up by 1% in late morning deals
Investors booked profits in range-bound trade, led by PSU, oil & gas, energy, infrastructure, telecom, realty, healthcare, bankex, FMCG, capital goods and power counters.
A recovery in rupee, buying by domestic institutional investors, encouraging earnings by select blue-chips and stock specific buying helped the market get back on its feet
Tata Motors was the top gainer on better-than-expected June quarter revenues
Oil & gas, banking and pharma sector stocks stole the show
