The S&P BSE Sensex closed 318 points at 24,455 and the Nifty50 shed 99 points to end at 7,438.
This surpassed its previous record close of 29,974.24, reached on April 5.
The BSE Midcap and Smallcap indices underperformed the largecaps and ended over 1% lower.
Shares of RIL ended 2.4% higher as it pips TCS to become most valued firm
World Bank lowered its global economic growth outlook for 2016 to 2.9% from 3.3% earlier.
In the broader markets, the BSE Midcap and Smallcap indices were up 0.5% each
The broader Nifty, after touching a high (intra-day) of 10,555.50 points, finished at 10,539.75, up 84.80 points, or 0.81 per cent.
Tracking gains in bluechip stocks, investors were also seen building up position in broader markets, lifting the small-cap and mid-cap indices by 0.83 and 0.15 per cent
The 30 share Sensex ended up 183 points at 27,470 and the 50-share Nifty gained 44 points to close at 8,295.
Sun Pharma emerged as the star performer and closed 4.03 per cent up at Rs 675.45, while Cipla rallied 1.58 per cent to Rs 592.60.
The 50-share NSE Nifty gained 53.30 points or 0.61 per cent to 8,778.
Investors indulged in buying beaten down blue chips at lower and attractive levels.
Participants will watch out for the Brexit poll outcome in the late morning trades tomorrow.
The S&P BSE Sensex dropped 1 points to end at 26,396 and the Nifty50 slipped 2 points to end at 8,109.
After a volatile session, Sensex closed the day 563 points lower
ICICI Bank and SBI were among the top Sensex gainers along with FMCG majors ITC and HUL.
Gains were led by Tata Motors on robust Q1 earnings and HDFC Group shares.
The rupee fell to a two-year low of 64.84 against the US dollar.
The S&P BSE Sensex surged 160 points to close at 25,262.
Analysts agree China, Greece and US Fed developments need careful monitoring but India should gain, over time, from relative rise of the dollar and fall in commodity prices.
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Markets ended lower on profit taking ahead of June F&O expiry.
The broader NSE Nifty closed below the 10,600 mark by plunging 98.15 points, or 0.84 per cent, to 11,582.35 after shuttling between 11,567.40 and 11,751.80.
Most Asian markets ended with gains.
Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.8%-1%.
The BSE benchmark Sensex surged about 241 points to end at 35,165.48 and the NSE Nifty gained 84 points to close at 10,688.65.
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Banks, real estate and metal scrips among the top losers.
Financials were among the top losers along with Sun Pharma and index heavyweight Reliance Industries
ONGC was the top performer while private banking major ICICI Bank extended gains
Markets closed in the red on domestic worries.
Markets ended lower for the third straight day on Tuesday weighed down by profit taking in rate sensitives with bank shares leading the decline after hopes of rate cut by the central bank faded.
Nifty is likely to remain under selling pressure unless and until it breach the 7,700-7,720 levels on closing basis.
Indian equity markets registered their highest single-day percentage gains since early October.
Investors engaged in profit booking in the recent gainers at attractive and higher valuations.
Market breadth is positive with 942 advances and 196 declines.
The Sensex soared 402 points higher to end at 25,720 and the Nifty surged 130 points to close at 7,819.
Top gainers from the Sensex pack are Asian Paints, Bajaj Auto, ITC, NTPC, L&T and HDFC, all up 2% each
Markets in countries whose economic fortunes were closely linked to China's growth tumbled.
Bank of Baroda ended flat after sharp gains in the previous session.
Nifty September F&O series ended lower after seven consecutive positive series with Metal Index falling the most
Investors booked profit ahead of the outcome of the two-day US Fed policy meet which begins today.
