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Sensex gained 152 points to register a new record high, while Nifty was up 55 points to 8,083.
The benchmark index opened on a positive note at 26888 against the previous close of 26868. It touched a high of 27083 and low of 26886 and closed 27019.
The turnover on BSE was up Rs 3,355 crore against Rs 2,941 crore on Monday.
The market rally was led by cement, telecom and pharma stocks with signs of overall improvement in economy. The fall in current account deficit and dip in the international crude oil prices signalled a positive trend.
Maruti Suzuki India lost 0.09 per cent to Rs 2,913 as the company during market hours said it will open bookings for the mid-sized premium sedan Ciaz from tomorrow. Ciaz will be available in petrol and diesel fuel options.
Coal India fell 0.47 per cent to 365 even as the company said during market hours that the coal production of the company and its subsidiary companies at 34.54 million tonnes in August was 98 per cent of the target.
Current Account Deficit narrowed sharply to $7.8 billion or 1.7 per cent of GDP in June quarter from $21.8 billion or 4.8 per cent of GDP in the same period last year. The lower CAD was primarily on account of a contraction in the trade deficit contributed by a rise in exports and a decline in imports.
The major gainers were Coromandel International (10%), Cipla (5%), Suzlon (5%), Petronet (5%), Bharati Airtel (4%), Grasim (4%), IRB (4%), Jain Irrigation (4%), Century Textile (4%), Titan (4%) and Apollo Tyre (4%).
Prominent losers were Bhushan Steel (-5%), Jindal Steel (-3%), Indian Hotel (-2%) and REC Ltd (-2%).
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