MARKET LIVE: Sensex rallies 700pts, Nifty atop 17,300; RIL, Infy, TCS lead

The benchmark indices on the BSE was up 388 points, or 0.6 per cent, at 57,426 levels, while the 50-pack index on the NSE was at 17,247, up 111 points.

Shares of Reliance Industries hit fresh record high of Rs 2,775, up 2 per cent, on the BSE after global brokerage Morgan Stanley said in a April 20 report that heightened awareness of energy security not only inflects RIL's new energy  ROCE but will also help fund this growth. The brokerage has set 1-year target price at Rs 3,253. 

Meanwhile, Asian Paints, IndusInd Bank, Sun Pharma, TCS, and ITC were the other top gainers on the Sensex index, up between 1.3  and 1.8 per cent.

On the downside, Nestle India, Tata Steel, HCL Tech, Tech M, and Axis Bank were the only losers, down up to 1.5 per cent.

In the broader markets, the BSE MidCap and Smallcap indices advanced 0.8 per cent and 1.12 per cent, respectively.

Sectorally, all indices were in the green zone, with the Nifty Pharma index up 1 per cent.