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 30-share S&P BSE Sensex ended up 130 points at 25,400 and the Nifty50 rose 46 points to close at 7,759.
Investor wealth too fell by nearly Rs 7 lakh crore during 2015-16 or over Rs 2,700 crore per trading session.
The S&P BSE Sensex ended the session at 25,342, up 3 points while the Nifty50 closed at 7,738 points.
Profit taking in index heavweights RIL and HDFC weighed on sentiment while ICICI Bank surged 7%.
Maruti Suzuki, Asian Paints, L&T, ONGC and Infosys have gained between 1%-1.5%.
Out of 30 Sensex shares, 19 ended lower while 11 gained
Mixed global cues and decline in crude oil prices further dent the sentiments.
The Nifty has gained 2.6% so far this week, while the Sensex has climbed 2.85%
Financials and auto stocks were the top losers while energy and IT shares recovered
Private lenders HDFC Bank and ICICI Bank were the top gainers along with index heavyweights
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.
Sectoral performance was mixed with media and PSU banking stocks attracting buyer interest and healthcare, FMCG and metal stocks bearing the brunt of the bears
Global cues lift Sensex 364 points; Nifty ends above 8,650.
The broader Nifty of National Stock Exchange scaled the 10,200 mark intra day before closing at 10,184.85, showing a sizeable gain of 38.30 points, or 0.38 per cent.
TCS, Bajaj Auto, Adani Ports and Cipla were the top gainers on BSE Sensex while Coal India, GAIL, Dr Reddy's and Infosys lost the most on the index.
The broader Nifty too fell for the second straight session and closed with a loss of over 62 points, or 0.54 per cent, at 11,520.30, after hovering between 11,496.85 and 11,602.55.
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.
The NSE 50-share index, after moving between 10,469.90 and 10,395.25, finally concluded at 10,458.65, up 41.50 points
S&P BSE Midcap index and S&P BSE Smallcap were down 2% and 1.3% respectively
Infosys was the top Sensex loser along with other index heavyweights ITC and HDFC.
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.
Investors indulged in profit booking at attractive and higher valuations
Markets ended in red, index heavyweights drag.
This surpassed its previous record close of 29,974.24, reached on April 5.
After touching a fresh all-time low against the US dollar on Thursday, the rupee jumped 27 paise to end at 68.46.
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.
Participants are eagerly waiting for the key macrodata -- IIP and CPI numbers due to be released later today.
Investors brace up ahead of the key macrodata- IIP and CPI numbers due to be unveiled tomorrow.
Markets ended weak tracking the expiry of April derivative contracts.
Notable losers were ONGC, Axis Bank, ITC, SBI, ICICI Bank, NTPC, Hero Motocorp, Sun Pharma and Bharti Airtel who fell by up to 2.80 per cent.
S&P BSE Midcap shed 0.8% while S&P BSE Smallcap tumbled 0.6%
Rise in crude oil price and rally in global equities aided the sentiment
In the broader markets, the BSE Midcap and Smallcap indices were up 0.5% each
Metals bucked the trend and shone across the board.
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
RIL, ICICI Bank, Tata Motors and ONGC alone contributed to a 100 point cut seen on Sensex.
Benchmark share indices trimmed intra-day gains after global crude oil prices resumed their downward trajectory after sharp gains on Friday.
Gains were led by index heavyweights Reliance Industries and Infosys.
The S&P BSE Sensex closed 318 points at 24,455 and the Nifty50 shed 99 points to end at 7,438.
