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In the last ten years of history, 2013 has been the worst post-Muhurat day for Sensex when it lost around 1.25% after advancing 0.2% during the special one-hour Muhurat session to mark the advent of Vikram Samvat, the Hindu accounting year which begins from Diwali.

The blue-chip FTSE 100 rose 0.6%, while the domestically focussed FTSE 250 index jumped 1.3%. Both the indexes were muted in morning trade on worries about political uncertainty and growing recession risks in Europe.

The S&P 500 opened higher by 9.26 points, or 0.25%, at 3,762.01, while the Nasdaq Composite gained 7.35 points, or 0.07%, to 10,867.07 at the opening bell.

The Hindu accounting year, which began from Diwali on Monday, is likely to witness Sensex and Nifty zoom past their previous record high levels, brokerages say.

Nifty50 crossed 17,700-mark, ending 0.9% higher at 17,738 points. Its BSE counterpart Sensex topped 59,900 and tested a high of 59,994.25, before ending 0.9% higher at 59,832 points. Among Nifty50 stocks, Axis Bank hit a fresh 52-week high, while Nestle India scaled a lifetime high.

As India continues to persist as the fastest-growing economy, it is going to be a golden period for equity investors. Hence, India deserves a premium compared to its Asian peers, says Rajesh Kothari, smallcase manager, founder and chief investment officer at AlfAccurate Advisors.

Share performance pre- and post earnings for the last 23 quarters show that RIL has gained a maximum 3% prior to the results, while it has been a laggard post earnings.

Brokers said buying activity picked up pace as investors opened their books on the first session of Samvat 2079.

"While it is encouraging that Fed officials have started to point to an end in sight for rate rises, such a pause will remain conditional on a fading inflation and a cooling labour market. This has yet to be seen in the data," said Mark Haefele chief investment officer at UBS Global Wealth Management.

“The Indian market has been outperforming the global markets as of now and we anticipate a decent rise in the next one year with targets of 20,500-21,000 anticipated since the last one year has been stagnant and with a breakout above 18,600 zone, at least 12%-15% gain is expected,” domestic brokerage Prabhudas Lilladher said.