Equity gauges Sensex and Nifty continued their record-setting spree for a fourth session in a row on Tuesday as participants glossed over weak global cues to buy shares in defensive sectors like IT, FMCG and pharma.

After scaling a fresh life-time high of 55,854.88 during the day, the 30-share BSE Sensex settled 209.69 points or 0.38 per cent higher at 55,792.27 – a new closing record.

The broader NSE Nifty advanced 51.55 points or 0.31 per cent to a new closing high of 16,614.60. Intra-day, it touched a new all-time peak of 16,628.55.

In the Sensex pack, Tech Mahindra was the top gainer, rising over 3 per cent, followed by TCS, Nestle India, Infosys, and HUL.

On the other hand, IndusInd Bank, NTPC, Bharti Airtel, L&T and M&M were among the laggards.

Of the Sensex constituents, 18 shares ended in the green and 12 in the red.

Sectorally, BSE IT, teck, healthcare, FMCG, consumer durables, and power indices rose up to 2.33 per cent, while metal, telecom, basic materials and realty indices fell up to 2.63 per cent.

Broader midcap and smallcap indices advanced up to 0.71 per cent.

"Domestic indices swung between gains and losses in a volatile session amidst weakened global markets. Due to concerns over the rising global infection rate and tighter government regulations for the Chinese internet sector, global markets continue to fan investor worries,” Vinod Nair, Head of Research at Geojit Financial Services, said.

However, backed by solid support from defensive sectors like IT, FMCG and pharma, frontline indices gained ground to end the day on a flat trend, he added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, and Seoul ended with significant losses.

Equities in Europe were also largely trading on a negative note in mid-session deals.

On the forex market front, the rupee fell by 11 paise to end at 74.35 against the US dollar.

Meanwhile, international oil benchmark Brent crude fell 0.24 per cent to $69.34 per barrel.