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The NSE index closed up 1.6 per cent after earlier hitting its highest in 16 months as positive earnings results, including from DLF Ltd, lifted the sentiment.
Sustained buying by investors coupled with fresh round of buying by foreign as well as domestic financial institutions amid firm global cues too buoyed the sentiment.
The NSE hit its highest since April 15, 2015 before ending 136.9 points or 1.59 per cent higher at 8,744.35. It was the index's biggest daily percentage gain since July 11.
The benchmark BSE index closed up 440.35 points or 1.58 per cent at 28,343.01 after earlier hitting its highest since July 23, 2015.
The Sensex touched a high of 28,478.02 and low of 28,010.66.
All BSE sectoral indices ended in the positive zone. Among them, auto index gained the most by 1.81 per cent, IT 1.77 per cent, banking 1.49 per cent and FMCG 1.41 per cent.
Top five Sensex gainers were Asian Paints (+3.2%), Bajaj Auto (+3.09%), Maruti (+2.83%), GAIL (+2.695) and HDFC Bank (+2.35%), while the only loser was Bharti Airtel (-2.82%).
DLF Ltd was up as much as 3.2 per cent after saying net profit more than doubled in the June-quarter, while Indian Oil Corp rose as much as 1.62 per cent after posting a 25 per cent increase in profit for the June-quarter.
Auto makers also got a boost on hopes of a sales rebound, with Maruti Suzuki and Bajaj Auto rising as much as 3.6 per cent - 3.8 per cent to hit record highs.
HDFC Bank rose as much as 1.85 per cent, while ICICI Bank was up as much as 2.3 per cent.
eClerx Services surged almost 10 per cent to a record high after its board approved a proposal to buy back shares worth Rs 234 crore.
“I think that the market is in a narrow trading range from 8,500-8,800. There will be fresh buys when the index comes down to 8,500 and profit-booking when the index hits the 8,800-point mark,” said R.K. Gupta, managing director of Taurus Asset Management.
Global markets
European shares rose on Tuesday as investors pared back some of their earlier expectations that the US Federal Reserve could hike interest rates in September.
The pan-European STOXX 600 was up 0.4 per cent, having fallen in the previous session on worries that a US rate hike could come as soon as September following a speech from Fed Chair Janet Yellen last week and hawkish comments from Vice Chair Stanley Fischer.
Asian shares bounced modestly on Tuesday as doubts the US Federal Reserve would hike interest rates next month restrained the dollar, while investors continued to count on more policy stimulus elsewhere in the world.
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