Positive Asian cues and a higher opening in European markets also added to the momentum. The 50-share NSE Nifty soared 82.45 points, or 0.89 per cent, to quote at its new lifetime high of 9,300.40. It broke the previous record of 9,273.90 reached on April 5.
The BSE 30-share Sensex was quoting at 29,926.96 at 1430 hrs, up 271.12 points, or 0.91 per cent. The rupee appreciating to 64.21 against the dollar (intra-day) at the forex market too boosted sentiments.
Shares of Reliance Industries surged 1.21 per cent to Rs 1,433.50 after the company reported a record fourth quarter net profit of Rs 8,046 crore.
Globally, Japan's Nikkei surged 1.90 per cent, Hong Kong's Hang Seng rose 1.31 per cent, while Shanghai Composite Index gained 0.16 per cent.
In Europe, London's FTSE rose 0.22 per cent, Paris CAC 40 gained 0.18 per cent and Frankfurt's DAX inched up 0.03 per cent in early deals.