Major gainers which contributed to the Nifty were ICICI Bank, State Bank of India, Reliance Industries, ONGC, Tata Consultancy Services, Infosys, Bajaj Auto, Tata Power and Larsen and Toubro.
The BSE Mid-Cap index was currently up 0.83%. The BSE Small-Cap index was currently up 0.8%.
BSE Mid-cap index ended at a record closing high of 10499.86 and CNX Mid-cap index ended at a record closing high of 12672.85 levels.
Telecom stocks fell after Mukesh Ambani extended Reliance Jio's free offers till March 2017.
Top losers in the Sensex pack include Bharti Airtel, Infosys, Asian Paints, RIL, Coal India, HDFC Bank, HDFC, TCS, ONGC and M&M, falling up to 3.09 per cent.
Strong gains in metal, energy, auto and power shares lifted the key indices to new highs.
The local markets are expected to react to global triggers until the government announces the Union Budget.
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.
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.
Markets ended lower on Tuesday, snapping a two-day winning streak, as investors turned cautious and booked profit in financials.
The 30-share Sensex closed at 27,112 up by 481 points whereas the Nifty ended higher by 139 points at 8,115.
The NSE Nifty ended 89.40 points, or 0.83 per cent, lower at 10,710.45.
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
In the Sensex kitty, ITC turned star performer by surging 2.45 per cent, followed by NTPC rising 2.19 per cent.
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.
Auto and realty shares were among the top Sensex gainers.
The market breadth in BSE remains positive with 1,554 shares advancing and 1,196 shares declining.
In the Sensex pack, M&M was the biggest loser, tumbling by 6.66 per cent, followed by TCS dropping 4.14 per cent.
The NSE Nifty settled the day 93.20 points or 0.88 per cent lower at 10,452.30 after shuttling between 10,612.90 and 10,434.05.
Asian shares ended higher after a string of positive US economic data.
BSE Bankex and Telecom indices led the fall.
Sustained FII inflows and fresh spell of buying by domestic institutional investors fuelled the rally
At the close, the 50-share NSE Nifty was at 8,611.15, up 19.90 points, or 0.23 per cent, after moving between 8,637.15 and 8,555.20.
Bajaj Auto was the top gainer in the Sensex pack, surging 3.95 per cent followed by Maruti Suzuki at 2.69 per cent.
A declining rupee, elevated crude oil prices and sustained foreign fund outflows added to the gloom
Reflecting the bearish mood, all sectoral indices, led by metal, teck and healthcare, ended in the negative zone.
The wider NSE Nifty touched a low of 10,652.40 before finishing at 10,671.40, showing a loss of 97.75 points, or 0.91 per cent.
The 30-share Sensex stayed in the green for the better part of the session and hit the day's high of 38,297.70 as buying pace gathered momentum towards the fag-end.
This is the highest closing for both the indices since May 15.
The S&P BSE Midcap and S&P BSE Smallcap indices gained 0.4% and 1%, respectively
8 out of 12 sectoral indices closed in red with BSE IT and Healthcare indices losing 0.5%.
The S&P BSE Midcap and the S&P Smallcap indices rallied over 1% each
The top gainers on the Sensex were Cipla, Bharti Airtel, Maruti Suzuki, Hero Moto & Sesa Sterlite.
Stock specific action is seen with some of the prominent companies posting their quarterly numbers.
Shares of rate sensitive sectors such as realty, infrastructure, banking and automobiles ended higher ahead of the Reserve Bank of India (RBI) mid-quarter policy review on June 17.
No stock on BSE Sensex ended in red while only 3 stocks in the broader Nifty50 index settled the day negative
The NSE Nifty after shuttling between 10,397.60 and 10,279.35 points, ended 47 points, or 0.45 per cent lower at 10,301.05.
The S&P BSE Sensex ended 46 points lower at 24,824 and Nifty50 settled at 7,555, down by 8 points after hitting intra-day high of 7,600.45.
The broader NSE Nifty too dived by 101.65 points, or 0.97 per cent, to close at 10,350.15.
The Sensex and Nifty remained above their key levels of 36,000 and 10,900 throughout the session, indicating strong investor optimism after a prolonged spell of caution.