All the sectoral indices led by oil and gas, PSUs, power, banking, realty and capital goods sectors were trading in the positive zone with gains up to 2.21 per cent.
The 50-share NSE Nifty also breached the psychological 7,100 mark for the first time by surging 101.95 points, or 1.45 per cent, to trade at a new high of 7,116.20.
The 30-share Sensex rose by 370.91 points, or 1.57 per cent, to trade at an all-time high of 23,921.91, surpassing its previous intra-day record of 23,572.88 reached yesterday. The gauge had rallied over 1,206 points in the past two sessions.
Further, a firming trend in other Asian markets following overnight gains on the US bourses buoyed the trading sentiment here, they said.
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Sectorally, the BSE oil and gas sector index gained the most, rising 2.21 per cent, followed by PSU index 2.16 per cent and capital goods by 1.98 per cent.
Among other Asian markets, Hong Kong's Hang Seng rose 0.78 per cent while Japan's Nikkei gained 1.79 per cent in early trade today.