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Benchmark Sensex spurted by 349 points while Nifty scaled a fresh lifetime high on the sixth straight day of gains on Tuesday, driven by buying in banking and select FMCG shares.
The 30-share BSE Sensex reversed its early losses and closed higher by 349.24 points or 0.48 per cent at 73,057.40 in a volatile trade.
As many as 18 Sensex shares closed in the green while 12 settled in the red.
The broader Nifty of the NSE rose further by 74.70 points or 0.34 per cent to close at a new record level of 22,196.95.
Intra-day, the 50-share index touched lifetime high of 22,215.60.
The key indices opened lower but renewed buying in private lenders helped the barometers reverse losses and closed in the green for the sixth consecutive session. In six days, Nifty jumped 580 points while Sensex rallied 1,984 points.
"Amidst market volatility, the domestic market is once again poised to approach record highs.
"The latest upward trajectory is bolstered by gains in the banking sector, with private banks witnessing a rebound from a recent sharp correction," Vinod Nair, head of research, Geojit Financial Services, said.
Among Sensex gainers, Power Grid jumped the most by 4.16 per cent after its board approved an investment of Rs 656 crore in transmission projects.
Private lenders HDFC Bank, Axis Bank, Kotak Bank, IndusInd Bank and ICICI Bank were also among lead gainers.
NTPC, Nestle and Hindustan Unilever also ended the session with gains.
IT pack continued to decline with TCS being the biggest loser among Sensex shares, dropping by 1.75 per cent.
HCLTech, Infosys and Wipro also declined.
Asian shares traded mixed on Tuesday. Hong Kong's Hang Seng gained 0.2 per cent while the Shanghai Composite rose 0.4 per cent.
Japan's benchmark Nikkei 225 closed 0.1 per cent lower.
Foreign Portfolio Investors (FPIs) were net sellers as they offloaded shares worth Rs 754.59 crore, according to exchange data.