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Reversing its two-session sliding streak, the 30-share BSE Sensex climbed 295.70 points or 0.49 per cent to close at 60,067.62.
On similar lines, the broader NSE Nifty advanced 87.60 points, or 0.49 per cent, to finish at 17,916.80.
In the Sensex kitty, prominent gainers were M&M, ITC, Bajaj Auto, L&T, Kotak Bank, Sun Pharma and Nestle India, spurting as much as 2.87 per cent.
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Brokers said buying activity gathered pace as investors opened their new books on the first session of Samvat 2078.
The excise duty cut on petrol and diesel added to the festive cheer, they said.
Global equities hovered near record peaks even after the Federal Reserve announced that it would trim its asset purchases by USD 15 billion a month from November, with investors taking heart from the US central bank’s assurance that it was in no rush to raise rates.
Barring metal, all BSE sectoral indices finished in the green, led by auto, consumer discretionary goods, capital goods, industrials and FMCG.
A similar trend was seen in the broader markets, with the BSE small-cap index jumping 1.36 per cent and the mid-cap gauge gaining 0.73 per cent.
Domestic markets conduct a special one-hour Muhurat trading session on Diwali every year to mark the beginning of the traditional Hindu calendar year, called ‘Vikram Samvat’.
In the previous Samvat 2077, the BSE Sensex rallied 16,133.94 points or 36.97 per cent, while the Nifty soared 5,048.95 points or 39.50 per cent.
The BSE and NSE will remain closed on Friday (November 5) on the occasion of ‘Diwali Balipratipada’.
Meanwhile, foreign institutional investors (FIIs) net sold shares worth Rs 401.48 crore on Wednesday, while domestic institutional investors bought to the tune of Rs 195.55 crore, as per exchange data.