Markets soared to record highs in late morning trade on widespread buying spurred by forecast of a normal monsoon amid positive global cues.

The BSE Sensex zoomed 264 points to quote at an all-time high of 30,197.66, while the broader NSE Nifty scaled to 9,390.15.

According to brokers, domestic sentiment was buoyed after data showed that foreign funds, which were net sellers on the Indian bourses for the past few sessions, made fresh purchases in yesterday’s trade.

The Indian Meteorological Department (IMD) had yesterday said the monsoon this year could be ‘normal’ and bring 100 per cent rainfall instead of 96 per cent it predicted earlier, which is expected to give a booster dose to the rural economy.

After a strong opening, the 30-share BSE index rallied 264.41 points or 0.88 per cent to 30,197.66.

The benchmark surpassed its previous peak of 30,184.22 (intra-day) recorded on April 27.

Similarly, the National Stock Exchange index Nifty surged 73.30 points or 0.78 per cent to 9,390.15, overtaking its previous (intra-day) high of 9,377.10 reached on May 5.

Among BSE sectoral indices, FMCG index gained the most by 1.7 per cent, followed by healthcare 1.27 per cent, auto 1.09 per cent and capital goods 0.94 per cent. On the other hand, realty index was down 0.27 per cent and IT 0.13 per cent.

Top five Sensex gainers were HUL (+3.9%), Bharti Airtel (+2.69%), HDFC (+2.51%), M&M (+2.25%) and Cipla (+1.75%), while the major losers were TCS (-0.82%), Wipro (-0.81%), GAIL (-0.39%), ICICI Bank (-0.37%), and Asian Paints (-0.31%).

Asian stocks edged higher for a third consecutive day on Wednesday as investors focused on strong corporate earnings and the dollar gave back some of its recent gains after a rise in political tensions.

MSCI's Asia ex Japan index was flat after posting modest gains in the previous session. It hit a two-year high last week.