The Sensex and the Nifty rose on Wednesday led by gains in oil & gas, auto and FMCG shares. Equities elsewhere in the world saw mixed moves.
Indian equity benchmarks began Wednesday's session in the green, with the Sensex crossing the 60,000 mark for the first time in intraday trade since April 5. Strength in oil & gas, auto and FMCG shares powered the upmove in the market though weakness in select IT names played spoilsport.
Globally, equities saw mixed moves as optimism on earnings was offset by fears of slowing growth.
Both Sensex and Nifty50 rose as much as 0.3 percent in the first few minutes of trade. The 30-scrip index gained 165.9 points to touch 60,008.1 at the strongest level of the day so far, and the Nifty climbed to as high as 17,883.2, up 57.9 points from its previous close.
A total of 37 stocks in the Nifty50 basket opened higher. Axis Bank, UltraTech, Larsen & Toubro, SBI and Divi's Labs were the top gainers.
Grasim, Reliance, Cipla, HCL Tech and Bharat Petroleum — rising around half a percent each at the open — were also among the top blue-chip gainers.
On the other hand, Tech Mahindra, SBI Life, TCS, UPL and JSW Steel — declining up to half a percent — were the top laggards.
Reliance, Hindustan Unilever, ITC and ICICI Bank were the biggest contributors to the gain in both main indices.
"Steadily declining inflation, strong growth momentum in the economy and FIIs turning consistent buyers are driving the rally. Even though valuations are high, it makes sense to remain invested and buy on dips," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"Experts who believed that this is a bear market rally have been decisively proven wrong by the ferocity of the rally that has brought the Nifty within 4.5 percent of its all-time high... There is global support to this rally," he added.
Overall market breadth favoured the bulls, as 1,707 stocks rose and 634 fell on BSE.
Equities in other Asian markets mirrored a mixed session on Wall Street overnight. MSCI's broadest index of Asia Pacific shares outside Japan was flat at the last count. Japan's Nikkei 225 was up 0.8 percent and China's Shanghai Composite down 0.3 percent.
S&P 500 futures were flat. On Tuesday, the tech stocks-heavy Nasdaq Composite declined 0.2 percent though the S&P 500 and the Dow Jones rose 0.2 percent and 0.7 percent respectively.