Mumbai, Oct 25 (IANS): A day after the government announced its plan to recapitalise the banking sector, the key Indian equity markets trade shot up substantially and hit record high levels.

"The BSE Sensex surged over 500 points to hit an all time high of 33,117.33 in the opening session on Wednesday after the finance ministry on Tuesday announced a Rs2.11 trillion bank recapitalization plan for state-owned lenders. The broader NSE's Nifty, too, rose in the morning hours," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

The 30-scrip Sensitive Index (Sensex) of the BSE which opened at 32,995.28 points was trading at 33,075.14 points (at 2.26pm) from previous day's closing at 32,607.34 points.

It touched a high of 33,117.33 points and a low of 32,804.60 points in the trade so far.

The broader 50-scrip Nifty at the National Stock Exchange (NSE) was trading at 10,302.40 points, up 0.90 per cent or 92.05 points.