Nifty50 surged 145 points to close at 8,468 after hitting an intra-day high of 8,475.
The 30-share Sensex, after opening on a strong footing, continued its upward march to hit an all-time high of 35,827.70. The NSE Nifty also hit a record intra-day high of 10,975.10, before finishing at 10,966.20, up 71.50 points.
In the 30-share Sensex constituents, 16 ended lower and 14 gained, helping the benchmark indices trim losses.
A mixed global trend and weakness in rupee influenced the sentiments during the day.
Cadila Healthcare Ltd said on Thursday, said German Remedies, a part of the Zydus Group, has launched Fludara Oral (Fludarabine) in the Indian market for the treatment of chronic lymphocytic leukemia.
Maruti Suzuki was the biggest gainer among Sensex scrips, rising 5.89 per cent, followed by M&M up 5.29 per cent.
Markets end in red; bluechips struggle to keep pace.
The laggards in the Sensex kitty were Vedanta, Tata Steel, M&M, HCL Tech, Bharti Airtel, Maruti Suzuki, L&T, Asian Paint and HDFC
Despite a strong start to trade today, key benchmark indices retreated sharply from their higher levels following bouts of profit-taking amid fresh weakness in the rupee against the dollar.
Hindustan Unilever Ltd, India's largest personal care product maker, on Tuesday reported a better-than-expected increase in its September quarter net profit and revenues, signalling a revival of demand following the world's biggest lockdown.
ICICI Bank was the top gainer in the Sensex pack, surging 4.64 per cent, followed by Axis Bank at 3.86 per cent and SBI 2.53 per cent.
The Sensex opened 22 points higher at 10,617
Asian markets were trading mixed with the Nikkei gaining after the US dollar strengthened against the yen.
The Sensex opened with a positive gap of 102 points at 12,747
The NSE 50-share Nifty also closed higher by 61.60 points, or 0.59 per cent, at 10,504.80 after shuttling between 10,513 and 10,441.45.
The 50-stock NSE barometer Nifty finished 22.50 points, or 0.21 per cent, down at 10,526.20
Sensex ended strong, Tata Steel, HUL climb higher.
Financials were among the top losers along with Sun Pharma and index heavyweight Reliance Industries
The index touched a low of 14,026, before settling with a loss of 168 points at 14,041.
The broader NSE Nifty gained 22 points to 10,480.60
Investors have kept their eyes on US-China trade talks and are optimistic about a positive outcome.
Investor sentiments remained upbeat tracking global developments as the US, China geared up for trade talks due this week.
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.
Participants are keeping an eye on the Winter Session of Parliament, which started today, and US fiscal policies to be followed by President-elect Donald Trump
Covering-up of short positions ahead of Thursday's expiry of August series in the derivatives segment gave equities a slight push
With global markets pushing ahead, enthused by strengthening US jobs market, and also due to prospects of European rate hike, Indian markets also continued the march ahead.
Month-end dollar demand from importers resulted in the rupee touching a new all-time low on Wednesday against the dollar.
The Nifty finished the day at 10,265.65, a hefty gain of 98.95 points, or 0.97 per cent, after shuttling between 10,270.85 and 10,195.25.
The wider Nifty hit a low of 10,033.35 before finishing at 10,044.10, down 74.15 points or 0.73 per cent.
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
Shares of IT services major Wipro on Monday surged nearly 8 per cent after the company reported an 8 per cent growth in consolidated net profit in the December quarter.
Sectors like the BSE IT, Bankex, FMCG, Healthcare and Oil indices, which gained sharply today, were obviously the ones that drove the Sensex to 12K.
This is the highest closing for both the indices since May 15.
The company's US subsidiary, Lupin Pharmaceuticals Inc has launched its Ciprofloxacin for oral suspension in the US market in the strengths of 5 g/100 mL (250mg/5 mL) and 10 g/100 mL (500 mg/5 mL), Lupin said in a statement.
Markets ended in green on rate cut hope.
Strong gains in Vedanta Ltd, Adani Ports, Bharti Airtel and Maruti Suzuki helped the index touch record levels.
Metal shares were the top gainers with Hindalco up over 5%.
The Sensex closed the day at 27,490, higher by 479 points and the Nifty ended at 8331.95, up 150.45 points.
At 15.05 PM, the 30-share Sensex was up 281 points at 28,238 and the 50-share Nifty gained 86 points at 8,577