The Sensex and Nifty ended at record closing highs buoyed by healthy corporate earnings and positive global cues.
The benchmark BSE index jumped 190.11 points or 0.63 per cent to a record closing high of 30,133.35. The index hit an all-time high of 30,167.09 earlier in the session, surpassing a record last hit in March 2015.
The broader NSE index gained 45.25 points or 0.49 per cent to end at a record closing high of 9,351.85. The index hit an intraday high of 9,367, surpassing Tuesday's high.
Among BSE sectoral indices, FMCG index was the star-performer and was up 2.04 per cent, followed by auto 1.01 per cent, banking 0.82 per cent and metal 0.47 per cent. On the other hand, realty index fell the most by 2.95 per cent, IT 1.08 per cent, oil & gas 1.02 per cent and infrastructure 0.92 per cent.
Top five Sensex gainers were ITC (+3.36%), M&M (+3.29%), HDFC (+2.36%), HUL (+1.78%) and ICICI Bank (+1.61%), while the major losers were Adani Ports (-2.31%), Infosys (-1.61%), Dr Reddy's (-1.31%), Power Grid (-1.3%) and Reliance (-1.13%).
“There is optimism across the globe that is driving markets,” said Saurabh Jain, assistant vice-president of research at SMC Global Securities.
“In the domestic market, it is the liquidity factor which is making much of the story in the mid-cap and small-cap stocks.”
Foreign investors have bought a net $16 billion in Indian shares and debt so far this year and have been especially aggressive in bond markets, where they are headed foro a third consecutive month of net purchases in April.
At the same time, India has seen a surge in flows from retail investors, many of whom are buying into mutual funds for the first time. Domestic institutional investors bougth a net 73.6 billion rupees ($1.15 billion) in equities so far this year.
World stocks hit a record high on Wednesday after strong earnings and the prospect of tax cuts for corporate America pushed US shares to stratospheric levels and the euro held on to recent gains as political concerns in France ebbed.
European shares pulled back slightly from 20-month highs as some disappointing corporate results weighed on the market but Asian stocks powered ahead.