In the broader market, the S&P BSE Midcap ended 0.1% down, while the S&P BSE Smallcap index gained 0.3%.
The 30-share barometer remained up throughout and hit a high of 29,070.20, powered by a rally in RIL and other blue-chips. The index ended 215.74 points up, or 0.75 per cent, at 29,048.19 -- its highest closing since March 5, 2015, when it had closed at 29,448.95.
Side indices raced ahead with BSE Midcap and BSE Smallcap advancing 0.4% and 0.3% up, respectively.
On the BSE, 1,493 shares declined and 1,236 shares rose. A total of 177 shares were unchanged
Buying activity was so strong that all the sectoral indices except IT and technology ended in the green, rising by up to 3 per cent
Sun Pharma stole the show in the Sensex pack, spurting 3.91 per cent, followed by M&M at 2.87 per cent.
NSE Nifty, after shuttling between 10,809.60 and 10,725.90, finished 30.95 points, or 0.29 per cent lower at 10,741.10.
The NSE Nifty ended 89.40 points, or 0.83 per cent, lower at 10,710.45.
In the Sensex pack, ICICI Bank emerged as the top gainer by rising 0.97 per cent, while Tata Steel advanced 0.92 per cent.
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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.
The S&P BSE Midcap and the S&P Smallcap indices rallied over 1% each
The S&P BSE Midcap and the S&P BSE Smallcap indices slipped in red to shed over 1% each
Broader market underperformed with the BSE Midcap and the BSE Smallcap indices losing up to 0.2%
The S&P BSE Sensex dropped 207 points to end at 25,230.
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 market breadth, indicating the overall health of the market was strong
The decision to permit the third child came after this month's once-in-a-decade census showed that China's population grew at the slowest pace to 1.412 billion amid official projections that the decline may begin as early as next year.
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.
Among Sensex components, shares of Reliance Industries, India's largest company by market value, stole the show by surging 1.61 per cent to their highest in over three months.
Markets opened marginally higher helped by a rebound in index heavyweights
Stock specific action is seen with some of the prominent companies posting their quarterly numbers.
The primary market showed some signs of life in a busy day.
Barring oil and gas, all BSE sectoral indices finished in the green.
Top gainers include Yes Bank, HUL, Vedanta, NTPC, Bharti Airtel, Adani Ports, PowerGrid and Tata Motors, rising up to 5 per cent.
The indices closed with losses for the week, with the Sensex declining 476.14 points, and the broader NSE Nifty falling 155.45 points during the period.
Sentiment was hurt after market regulator Sebi directed bourses to initiate action against 331 suspected shell companies.
Investors booked profits in recent gainers
The Sensex swung over 660 points both ways on alternate bouts of selling and buying before closing the day higher by 97.39 points, or 0.28 per cent.
There were more than three losers against every gainer on BSE
Strong gains in metal, energy, auto and power shares lifted the key indices to new highs.
The unidentified hackers had executed money transfers on two separate occasions - August 11 and August 13 - which raises the question of why pro-active measures were not taken on the first night itself
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.
Next set of Q4 FY16 earnings, progress of monsoon along with election poll outcome will dictate market trend this week
Broader market outperformed with the S&P BSE Midcap index adding 0.7%, while S&P BSE Smallcap index gained 0.6%.
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.
The broader NSE Nifty scaled a high of 10,856.55 before closing up by 55.90 points, or 0.52 per cent
This is the highest closing for both the indices since May 15.
HDFC Bank was the top loser in the Sensex pack, falling 2.99 per cent, followed by Adani Ports at 2.87 per cent.
Sensex lost 184 points to trade at 23,878 and the Nifty has dropped 55 points to quote at 7,254.
