On this basis, the Sensex rose by 201 points to 32, 634, while the Nifty advanced 63 points to 10,200.
The 30-share barometer pushed higher by 233.48 points, or 0.72 percent, to 32,666.17 after moving in range of 32,687.32 and 32477.47.
On the currency front, the rupee strengthened by 15-16 paise to close at 64.93 against the USA dollar from its previous close at 65.08-09.
The rally came on the back of widespread gains led by metal, auto, FMCG, banking and oil & gas stocks.More news: Cavs confirm Richard Jefferson, Kay Felder trade to Atlanta
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According to data released by the Commerce Ministry, the WPI, with the revised base year of 2011-12, eased from 3.24 per cent in August. TCS firmed up 0.32 per cent to Rs 2,556.75 even as the company's net profit fell 2.1 per cent in the September quarter. The stock of Reliance Industries hit the all-time high, surged 1.77% to Rs 892 on NSE.
Hong Kong's Hang Seng was trading higher by 0.94 per cent, while Shanghai Composite rose 0.14 per cent in late morning trade. "IT results have also worked to this end, pushing indices to newer heights, adding to the crescendo of positive vibes ahead of the festive season", said Anand James, Chief Market Strategist, Geojit Financial Services.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent, having gained 3.4 per cent so far this month.