The stock market witnessed a volatile trading session on Wednesday, but ultimately ended on a positive note. Both the benchmark indices, Sensex and Nifty, recouped from early losses and settled at fresh record high levels.

The Sensex, comprising of 30 major share, jumped 408.86 points or 0.55 percent to reach a new all-time high of 74,085.99. Similarly, the Nifty, consisting of 50 stocks, climbed 117.75 points or 0.53 percent to settle at a fresh closing peak of 22,474.05.

Among the top gainers in the Sensex firms were Kotak Mahindra Bank, Axis Bank, Bharti Airtel, Sun Pharma, HCL Technologies, Mahindra & Mahindra, Titan, and Tata Consultancy Services. On the other hand, UltraTech Cement, NTPC, Maruti, JSW Steel, Power Grid, and Tata Motors were among the laggards.

While Asian markets such as Seoul, Tokyo, and Shanghai settled lower, Hong Kong ended with gains. In Europe, equity markets were trading positively.

However, the US markets closed lower on Tuesday.

According to Vinod Nair, the Head of Research at Geojit Financial Services, global markets showed mixed signals ahead of the US Federal Reserve Chair's testimony to Congress. The Indian market experienced a smart recovery in the second half, with buying interest Increasing in large-cap stocks.

In the commodities market, the global oil benchmark Brent crude rose by 0.80 percent to USD 82.59 per barrel.

Foreign institutional investors purchased equities worth Rs 574.28 crore on Tuesday, as per exchange data.

After a record-breaking rally, the BSE benchmark declined by 195.16 points or 0.26 percent to settle at 73,677. on Tuesday. Similarly, the Nifty dipped by 49.30 points or 0.22 percent to 22,356.30.