The BSE Sensex closed above the 60,000-mark again, rising 2.20% to 60,059.06, and the Nifty50 jumped 2.07% to 17,895.20.
Reliance Industries was the top gainer in the Sensex pack, soaring over 4 per cent, followed by Titan, Tata Steel, Bajaj Auto, Maruti and Dr Reddy's.
Thanks to the optimistic investor sentiment, the market capitalisation of BSE-listed companies have zoomed Rs 31,18,934.36 crore to reach Rs 2,35,49,748.90 crore -- its record high level -- on July 30
Tata Steel was the top gainer in the Sensex pack, rallying nearly 7 per cent, followed by Bajaj Finserv, SBI, HCL Tech, Sun Pharma, and others, while Maruti and PowerGrid were among the laggards.
Indian benchmark indices fell sharply after Asian peers faced massive selling pressure on account of rising COVID-19 cases in the region.
While IndusInd Bank, Axis Bank, Maruti and Bajaj Finance followed HDFC in losses, NTPC, Nestle India, Dr Reddy's and Sun Pharma were among the gainers.
On the domestic equity market front, the BSE Sensex fell 586.66 points to end at 52,553.40, while the broader NSE Nifty fell 171.00 points to close at 15,752.40.
Consequently, the BSE Sensex traded at 52,756.55 points, at 10.30 a.m., lower by 383.51 points or 0.72 per cent from its previous close.
Extending gains for the second session, the 30-share BSE benchmark closed 226.04 points or 0.43 per cent higher at record 52,925.04.
ONGC was the top loser in the Sensex pack, shedding around 3 per cent, followed by Sun Pharma, PowerGrid, Axis Bank, HDFC Bank, Bharti Airtel and Kotak Bank.
Shrugging off rising Covid-19 cases and fears over increasing bond yields, domestic equity benchmark indices ended last week’s bearish run on Tuesday and recorded a sharp rise.
The market rally was driven by strong activity on the metal, oil and gas, PSU, infrastructure, banking, FMCG and capital goods counters, rising up to 0.88 per cent.
Late selling in realty, PSU and infrastructure stocks mainly dragged the market from early highs.
The Sensex rallied about 180 points to 34,893.20 in early session today, maintaining its positive form for the second straight day as the May derivatives series took off on a strong footing.
The trading was backed by sustained buying mainly in realty, metal, banking, power, oil & gas and utilities stocks amid firm Asian cues.