The 50-share Nifty touched lifetime high of 6,701.6 points, while the Sensex touched lifetime high of 22,364 points.
For the week, the BSE Sensex has gained 2.69% or 586.22 points, while the Nifty has gained 3.12% or 202.7 points.
Experts feel markets could see some volatility. "Until the election phase, we might see more volatility in the markets. Nifty could see some consolidation," said Yogesh Radke, head (quantitative research), Edelweiss.
Among sectoral indices, the BSE Power (3.02%), BSE Realty (1.61%) and BSE Bankex (1.19%) were the major gainers. Among individual stocks, Tata Power (4.54%), Hindalco Industries Ltd (4.07%) and State Bank of India (SBI) (3.41%) were the major gainers on the 30-share Sensex.
Among Asian indices, the Nikkei (0.50%), Hang Seng (1.06%), Kospi (0.15%), Jakarta Composite (0.96%) were the major gainers.
European markets were trading in the green. The FTSE (0.46%), DAX (0.96%) and CAC (0.49%) were trading higher at 4.30 pm IST.
Market on 27 March, 2014: