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 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.
The 50-share NSE Nifty settled lower by 76.05 points, or 0.88 per cent, at 8,615.25
The broader Nifty also succumbed to the pressure before recovering to close lower by 6.35 points, or 0.07 per cent at 8,693.05
The Sensex ended up 48 points at 28,386 and the Nifty gained 13 points to close at 8,476.
Geo-political concerns over death of a Saudi journalist, Brexit and likely breach in Italy's budget also kept investors cautious.
The 50-issue NSE Nifty too cracked the 10,200-mark and hit a low of 10,108.55 before finishing 104.75 points, or 1.02 per cent down at 10,121.80.
Domestic market is losing its trend to rate sensitive stocks post the announcement of the new RBI governor who is likely to maintain a cautious stance on interest rate cut
Global cues lift Sensex 364 points; Nifty ends above 8,650.
Indian companies typically have higher return on equity.
The sentiment got support from better-than-expected earning results by select companies and continuous buying by domestic financial institutions.
Gains were led by Tata Motors on robust Q1 earnings and HDFC Group shares.
The broader NSE Nifty too reclaimed the key 11,500-mark. It touched a high of 11,562.25, before finally settling at 11,536.90, showing a gain of 59.95 points, or 0.52 per cent.
The Sensex has now lost 878.32 points in six sessions -- its longest string of losses in six months.
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Markets ended lower on profit taking ahead of June F&O expiry.
Investors indulged in profit booking at attractive and higher valuations
It was the second straight week of gains for the benchmarks.
Rise in crude oil price and rally in global equities aided the sentiment
Metals bucked the trend and shone across the board.
The S&P BSE Sensex surged 364 points to end at 24,607 and the Nifty50 soared 107 points to close at 7,476.
It is too early to say if we have seen the "final" bottom to these stocks in August 2013 or if another attempt to test them will be made before or just after elections, says Sonali Ranade.
Sentiment was largely positive after April IIP grew at 4.9 per cent, spurred by higher growth in manufacturing and mining sectors.
Coal India topped the losers' list in the Sensex pack on Tuesday, falling 2.36 per cent, followed by Bharti Airtel at 2.16 per cent.
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.
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.
The Sensex has slid 18.5 per cent from its January 2015 peak.
The S&P BSE Sensex closed 318 points at 24,455 and the Nifty50 shed 99 points to end at 7,438.
The BSE Midcap and Smallcap indices underperformed the largecaps and ended over 1% lower.
World Bank lowered its global economic growth outlook for 2016 to 2.9% from 3.3% earlier.
A declining rupee, elevated crude oil prices and sustained foreign fund outflows added to the gloom
In India, however, the Nifty continues to climb a wall of worry as general elections loom, fiscal deficit surges and the current account deficit is barely under control following subdued gold and crude prices, says Sonali Ranade.
On the sectoral front, rate-sensitive sectors such as Bankex and Auto gained by 1% and 0.7% respectively while BSE Consumer Durables gained 1.4%.
The top gainers on the Sensex are Gail(India), HDFC, Infosys.
The BSE Sensex moved up 103 points to 35,319.35, while the wider NSE Nifty finished at 10,741.70, up 23.90 points.
Other than ITC, other laggards include PowerGrid, Infosys, M&M, NTPC, SBI, HDFC, Kotak Bank, HDFC Bank, TCS, Hero MotoCorp, Coal India, ONGC, RIL, Asian Paint, IndusInd Bank, ICICI Bank, Maruti Suzuki, Bajaj Auto, Tata Motors, Bharti Airtel and Axis Bank.
The broader markets ended mixed with mid-caps gaining 0.1 per cent and small-caps falling 0.1 per cent on the BSE.
The broader markets ended negatively with mid-caps and small-caps shedding 0.5 per cent on the BSE.
The 50-stock NSE barometer Nifty finished 22.50 points, or 0.21 per cent, down at 10,526.20
The broader markets ended firm with mid-caps and small-caps gaining nearly 0.5 per cent on the BSE.
