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Buildings are reflected on the glass windows of the NSE (National Stock Exchange) building in Mumbai, India, December 27, 2016.Reuters file

The benchmark Nifty 50 index hit an all-time high of 10,191.90 on Friday and was later trading at the 10,163 level, up by about 67 points. The benchmark indices were rallying after data showed inflation held steady, instead of a much-anticipated further acceleration.

The data, which come out late on Thursday, showed annual consumer price inflation rose to 3.28 percent in September from a year earlier, in line with the August number, Business Standard reported.

On Friday's session, the benchmark BSE Sensex gained over 300 points and was subsequently hovering around 32,480 levels. Among sectoral indices, BSE Bankex was gained the most — up 1.3 percent intraday.

Although analysts believe the Reserve Bank of India (RBI) will still keep rates steady in the coming months, they were quoted by Mint as saying that further signs of steady inflation would raise the odds of a rate cut.

Shares of Bharti Airtel on Friday gained over 8 percent — the highest in five months — after the country's largest telecom operator on Thursday announced it would acquire Tata Teleservices in a debt-free cash-free deal. On the other hand Tata Tele hit the 10 percent upper circuit for the second session on Friday. 

In the primary market, state-owned General Insurance Corporation of India (GIC Re) got fully subscribed on the last day of its IPO subscription, reporting high demand from qualified institutional buyers (QIBs).

In terms of valuation, the IPO would be the country's third-biggest after Coal India's Rs 15,200 crore and Reliance Power's Rs 11,700 crore issues.

After the announcement of its quarterly result on Thursday, India's largest software exporter Tata Consultancy Services (TCS) saw its shares rise as much as 2.4 percent to Rs 2,608.95, their highest since June.

The company's revenue rose 1.7 percent in constant currency terms in the second quarter.