At 12:54pm, S&P BSE Sensex had jumped 206 pts and was trading at 46,469.51 up by 0.45%. While the NSE's Nifty50 had gained 57.05pts and was trading at 13,624.90.
The US markets ended higher overnight awaiting the US fiscal stimulus which further pulled the sentiment in Asian markets higher up.
Sensex, as a result, hit an all time high of 46,599.02 in the morning trade today, while Nifty50 climbed as high as 13,666.45 levels.
ONGC, M&M and Divi's Lab were the top gainers, climbing by over 2% each, Tata Motors and Nestle India stocks followed their lead by rising by more than 1.5% each.
Heavyweights on the sectoral indices list, also recorded marginal gains taking the indices further up. Nifty FMCG recorded gains of 0.72% with Varun Beverages' stock surging 4% leading the index, followed by Jubilant Foodworks and Marico which gained by over 1% each.
IT stocks on the NSE performed well, rising by 0.53%.
Nifty Realty, however, emerged as the outperformer with the index rising over 4% at around 12.48pm.
The markets are gaining after the credit ratings agency, Standard & Poor, on Tuesday said it expects the country's GDP to contract at 7.7% as opposed to its previous estimate of 9% earlier, in the current financial year.
Burger King's shares locked in the 20% upper circuit on Wendnesday, with the stock prices climbing up to as high as Rs199.2 on BSE. It's shares have recorded a 233% increase in stock price as compared to its IPO issue price of Rs59-60.