The Sensex and the Nifty hit another all time high record on sustained buying with the Nifty hitting the 8393 mark, while the Sensex hit an all time high of 28,040 points.
Global cues remained strong with the S&P 500 breaching another record and the Japanese Nikkei taking cues from strong US markets to hit a 7-year high.
Banking stocks were also higher with ICICI Bank hitting a new 52 week high, while other stocks that rallied were Canara Bank, Yes Bank and State Bank of India.
Mid cap stocks were also having a splendid day in trade including the likes of Aurobindo Pharma, Ashok Leyland, HPCL, Arvind and IGL.
Oil marketing company stocks were also in the limelight as Brent crude fell below the $80 per barrel mark. HPCL and BPCL were among the early gainers.
Meanwhile, markets across the globe rallied with most of the Asian markets trading higher.