Equity benchmark Sensex jumped 228 points to its fresh lifetime high on Monday, tracking gains in index heavyweights Reliance Industries, TCS and ICICI Bank.
After starting on a tepid note, the 30-share BSE index rose 228.46 points or 0.44% to finish at its all-time high of 52,328.51.
Similarly, the broader NSE Nifty surged 81.40 points or 0.52 per cent to a record 15,751.65.
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PowerGrid was the top gainer in the Sensex pack, rallying over 4 per cent, followed by NTPC, UltraTech Cement, Tech Mahindra, Reliance Industries and IndusInd Bank.
On the other hand, Bajaj Finance, Bajaj Finserv, HDFC and Dr Reddy’s were among the laggards.
"Domestic equities extended gain with benchmarks recording fresh all-time highs as sharp decline in daily caseload and states started easing business curb lifted sentiments," said Binod Modi, Head - Strategy at Reliance Securities.
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A sharp rebound was seen in private banks, auto and IT which supported market, while metals and pharma witnessed profit booking.
He further noted that midcap and smallcap stocks were again in focus as investors appeared to be lapping up these counters in the backdrop of improved visibility of earnings recovery.
Elsewhere in Asia, bourses in Shanghai, Tokyo and Seoul ended with gains, while Hong Kong was in the red.
Stock exchanges in Europe were largely trading with losses in mid-session deals.
International oil benchmark Brent crude was trading 0.58% lower at $71.47 per barrel.