Equity benchmark Sensex rallied 593 points to end above the 55,000-mark for the first time on Friday, propelled by gains in index heavyweights TCS, Reliance Industries and HDFC twins.

The 30-share index rose 593.31 points or 1.08 per cent to its new all-time high of 55,437.29. It touched an intra-day record of 55,487.79.

Similarly, the broader NSE Nifty breached the 16,500 level, advancing 164.70 points or 1.01 per cent to its fresh closing peak of 16,529.10. It surged to a record of 16,543.60 during the day.

TCS was the top gainer in the Sensex pack, rising over 3 per cent, followed by L&T, Bharti AIrtel, HCL Tech, Tata Steel, Bajaj Auto and Reliance Industries.

On the other hand, PowerGrid, IndusInd Bank, Dr Reddy's, Bajaj Finance and NTPC were among the laggards.

"Sustained rebound in IT followed by recovery in financials and consumers aided benchmark indices to defy weak cues from Asian markets and scale fresh records, said Binod Modi, Head Strategy at Reliance Securities.

IT stocks remained in focus throughout the week and investors lapped-up quality IT names due to sustained double-digit revenue growth visibility backed by strong deal wins, he added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended in the red.

Equities in Europe were trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude fell 0.10 per cent to USD 71.24 per barrel.