Market hits record highs

The benchmark indices BSE Sensex and Nifty were buzzing in the morning session on Tuesday. Nifty hit a new high. The market was up on positive cues following optimistic monsoon forecast for this rainy season.

The BSE Sensex was at 39,213.40, up by 307.56 points or 0.79 per cent, while Nifty50 was at 11,771.55, up by 81.20 points or 0.69 per cent. The most traded index Bank Nifty was also upbeat at 30,386.90, up by 282.65 points or 0.94 per cent.

ICICI Bank was leading the gainer on BSE as a leading brokerage issued a buy rating on the stock. Top contributors to the Sensex gains were index heavyweights ICICI Bank contributing 72.98, Reliance 49.00, L&T 20.64, Axis Bank 15.16 and TCS 14.85.

Sectorally, all indices expect Nifty Realty, were trading in green. Nifty Metal was leading the indices, up by 1.11 per cent, followed by Bank Nifty up by 0.76 per cent. On the broader market basis, Nifty Midcap 100 and Nifty Smallcap 100 were up 0.13 and 0.24 per cent, respectively.

India's premier weather forecaster, India Meteorological Department (IMD) forecasted good monsoon spell in the country and termed it close to normal starting from May 15. Good monsoon means an easing of food prices and inflation.

Among the top gainers on Nifty were ICICI Bank, Coal India, IOC, Vedanta and Infratel, while among the top losers were Tata Motors, Infy, Bharti Airtel, HDFC Bank, IndiaBull Housing.