Market news: Sensex jumped 237 points or 0.43% surpassing the 56,000-mark at 56,029. Nifty50 advanced 69 points or 0.42%.
Overseas, Asian stocks traded mixed on Wednesday as investors reacted to the Reserve Bank of New Zealand's interest rate decision.
Most sectoral indices on the NSE closed in the red. IT and FMCG stocks led the rally, while metals, banks and financials were under pressure.
BSE Sensex surged 209.69 points or 0.38% towards the fag-end of the trading session to settle at record 55,792.27
In early deals, Sensex dropped 150 points or 0.27% to 55,431. NSE Nifty 50 was at 16,545, down 17 points or 0.11%.
Lupin has received tentative approval from the USFDA for its Abbreviated New Drug Application (ANDA) Brivaracetam Tablets
Foreign portfolio investors (FPIs) sold shares worth Rs 1,088.32 crore, while DIIs were net buyers to the tune of of Rs 506.21 crore on August 16.
Santosh Meena of Swastika Investmart is positive on PNC Infratech with a target price of Rs Rs 330
BSE Sensex rallied 145.29 points or 0.26% to a new closing high of 55,582.58. It also hit a record intra-day high of 55,680.75.
Sensex closed the session 145.29 points or 0.26% higher at record 55,582.58. The 30-share BSE index touched a record intra-day high of 55,680.75.