Benchmark S&P BSE Sensex hit a fresh record high of 41,093.64, up 204 points or 0.50 per cent. While the Nifty50 index has surpassed the previous high and touch the new record high of 12,123.75, up 50 points or 0.41 per cent in Tuesday's trade led by the gains in ICICI Bank, Reliance, Infosys and HDFC twin.

The top gainers among BSE Sensex stocks are YES Bank (up 1.81 per cent), ICICI Bank (up 1.69 per cent), Tata Steel (up 1.59 per cent), Sun Pharma (up 0.99 per cent) and ONGC (up 0.95 per cent). However, Bharti Airtel was the top loser on the index, down 2.86  per cent. Power Grid (down 2.84 per cent),, LT (down 0.43 per cent), Bajaj Auto (down 0.40 per cent), TCS (down 0.23 per cent) are among other losers on the index.

All the Nifty sectoral indices, barring Nifty Media down over 2 per cent, were trading in the green. The Nifty PSU Bank index was the top sectoral gainer, up 1.51 per cent, led by Bank of India (up 3.95 per cent), Oriental Bank of Commerce (up 2.45 per cent) and Bank of Baroda (up 2.14 per cent). The Nifty Bank index has hit a fresh record high of 31,796.20 level, surpassing its previous high of 31,783.60 with YES Bank (up 4.47 per cent), Bank of Baroda (up 2.14 per cent) and Federal Bank (up 2.01 per cent) as the top gainers. Nifty Pharma index was also up 0.85 per cent.

In the broader markets, the S&P BSE MidCap index jumped 69.40 points, or 0.47 per cent to trade at 14,980.35 levels, and the S&P BSE SmallCap index was ruling at 13,534.66 levels, up 72 points, or 0.54 per cent.

On Tuesday, Rupee opened higher at 71.68 per dollar vs previous day's close of 71.72 against the US dollar.

"Nifty and Sensex scale record high tracking sustained buying from foreign investors over the last couple of weeks, easing global worries on the trade tariff front, new developments over divestment to curb fiscal deficit and expectations of a cut in interest rate by the RBI. While markets have been making positive gains over the past few days, the GDP and fiscal deficit data, which will be released later this week, is expected to have an impact on market operations," says Ajay Kedia, Director Kedia Advisory.

According to experts cited by PTI, the market is on a high tracking sustained buying from foreign investors over last couple of weeks, easing global worries on the trade tariff front, new developments over divestment to curb fiscal deficit and expectations of cut in interest rate by the Reserve Bank of India. Short-covering ahead of the expiry of November derivatives contracts on Thursday is also contributing to the rally, traders said.