The Nifty stayed above the 5,100 mark and the Sensex above 17,200 level, for the first time since May 2008.
Metal, auto, infrastructure, realty and banking stocks contributed to the rise.
However, huge selling was seen in telecom, oil marketing and airline companies' shares.
European market hike maintains Nifty at 5k
At 13:20 PM, the European rose above 1 per cent helping the Nifty to maintain the 5,100 level.
However, selling continued in telecom, cement, oil marketing and private power companies' shares.
In the midcap space, PTC India shot up by 15.53 per cent.
GVK Power, AIA Engineering, Motilal Oswal and M&M Financial gained 6.5-7%. However, Jet Airways, Lupin, Kingfisher Airlines, Indiabulls Real and Godfrey Phillip dipped by 2 to 4 per cent.
In the smallcap space, Dewan Housingrose by 20 per cent.
Subros, Rain Commodities, Panyam Cements and Ador Welding increased from 9 to 17 per cent.
However, Arshiya Intl, Jindal Worldwid, SpiceJet, Astra Microwave and Finolex Industries dipped by 4 to 7 per cent.
Nifty above 5k; telecom, cement dip
At 12:12 PM, the continuous upside in banking, metal, oil & gas exploration, realty, capital goods, auto, power and pharma stocks pushed the Nifty above the 5,100 mark.
The Sensex was around the 17,200 level.
In the telecom space, Bharti Airtel was dipped by 3 per cent while Reliance Communication went down over 4 per cent. Idea Cellular also reduced by 2.5 per cent.
In the cement pack, Ambuja Cements tanked by 3 per cent but each Grasim and ACC dipped 0.5 per cent.
Oil marketing companies like BPCL, HPCL, and IOC were reduced by 0.9-1.6 per cent.
However, metal stocks like Jindal Steel, Sterlite Industries, NALCO, Hindalco, Tata Steel and SAIL gained 2 to 5.7 per cent.
In the capital goods space, Punj Lloyd, BHEL, L&T and ABB rose by 2 to 2.5 per cent.
Siemens increased by 0.59 per cent.
Mkts open higher on positive Asian cues
Positive Asian cues helped the Indian markets open the day on a positive note. While Nifty surged above 5k mark early, Sensex continued its uptrend. At 9:56 am, the BSE Sensex rose 135 points to 17,162 and the NSE Nifty was up 42 points at 5,096.
The CNX Midcap went up 70 points to 6,925.
The gainers among the frontliners were Reliance Infrastructure, Tata Steel, SAIL, HDFC, PNB (hit new high), Tata Motors, Ranbaxy Labs, BHEL, SBI, ICICI Bank, HDFC Bank, M&M and Sun Pharma.
However, Reliance Communication continued to dip, was trading down by 2 per cent. BPCL lost 1.5 per cent.
In the broader indices, Midcap and smallcap banking stocks were seeing buying interest.
10: 42 AM