The Sensex was up 318.88 points, or 078% at 40,788.58.

Indian stocks, led by heavyweight Reliance Industries, rose sharply Wednesday morning and lifted the benchmark BSE Sensex to a new all-time high, even as the mood across global markets remained cautious due to lingering uncertainty about U.S.-China trade deal and economic slowdown.

The Sensex was up 318.88 points, or 078% at 40,788.58.

The National Stock Exchange's Nifty50 too soared to a fresh record high. The index touched a high of 12,024.90 and was up 82.60 points, or 0.69%, at 12,022.70 a few minutes ago.

Reliance Industries gained more than 4% with traders thronging the counter after the company said that Reliance Jio would announce some measures, including a tariff hike in the next few weeks.

Bharti Airtle gained 1.5% and Idea Cellular soared more than 20%, extending gains from previous session.

Yes Bank and IndusInd Bank moved up 2% and 4.3%, respectively. ICICI Bank pared early gains and was seen trading 0.5% up from previous closing price.

State Bank of India and HDFC Bank were flat.

Zee Entertainment Enterprises, Adani Ports, Dr Reddy's Laboratories, Larsen & Toubro, Sun Pharmaceutical Industries, Coal India, BPCL and Maruti Suzuki also gained in strength.

Bharti Infratel, which ended with a hefty gain on Tuesday, declined by about 2% on profit taking. Eicher Motors and Kotak Bank were down 1.2% and 1%, respectively.

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