The NSE Nifty also closed at record level of 8,338.30, gaining 14.15 points over the previous close. The 50-share index touched all-time intra-day high of 8,365.55 points, surpassing its previous record of 8,350.60 scaled on Monday.
During the day trade, the 30-share BSE Sensex scaled its fresh life-time high of 28,010.39 points, beating its previous record high of 27,969.82 reached on Monday.
Addressing business leaders at New Delhi, Finance Minister Arun Jaitley today said the government was looking at areas like labour reforms, privatisation of some state-owned companies and improvement of land acquisition laws.
Besides government accelerating economic reforms, falling global crude prices, that raised hopes of an early cut in rates by the Reserve Bank, bolstered sentiments that lifted key indices to new peaks, brokers said.
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Banking stocks such as Axis Bank, ICICI Bank and SBI led the rally among Sensex stocks. Axis Bank rose the most by 2.93 per cent among 30 Sensex scrips, followed by SBI (2.24 per cent) and DR Reddy (2.24 per cent).
Stocks of state-run oil companies such as HPCL, BPCL and IOC hogged the liemlight and rose up to 2.37 per cent after global crude prices hit multi-year lows that would improve their margins.
However, Coal India, Sesa Sterlite, Bharti Airtel, RIL, Hindalco and Tata Power were laggards on profit-booking.
Foreign portfolio investors bought shares worth a net Rs 1,413.34 crore on Monday.