Mumbai: The BSE Sensex touched a fresh record high of 39,277.96 on Tuesday, an hour after the NSE Nifty 50 set a fresh benchmark.

The Nifty50 on the National Stock Exchange recorded its fresh high with a new record level of 11,787.05 points.

At 10.55am, the Nifty50 traded at 11,783.80, higher by 93.45 points or 0.80 per cent from the previous close 11,690.35 points.

The Sensex was at 39,262.36, higher by 356.52 points or 0.92 per cent higher from the previous close of 38,905.84 points.

It had opened at 39,040.30 and has so far touched an intra-day low of low 39,038.81 points.

According to market analysts, the Indian Meteorological Department’s (IMD) forecast of near-normal monsoon rains and a positive trade data supported the investor sentiments.

The IMD on Monday said that the south-west monsoon rains in 2019 will be near-normal with an expected rainfall of 96 per cent.

Rise in exports from the country, also boosted the investor sentiment.

India’s merchandise exports grew 11.02 per cent, on a year-on-year (YoY) basis in March, to $32.55 billion from $29.32 billion reported for the corresponding month of last year, official data showed on Monday.

According to Hemang Jani, Head — Advisory, Sharekhan by BNP Paribas, Q4FY19 earnings season will remain crucial for further upside in the market.

“The rally in the market has been mainly due to aggressive buying by the FIIs; and for valuations to sustain, there needs to be an uptick in earnings growth this quarter,” he said.

Foreign institutional investors (FIIs) purchased equity worth Rs713.22 crore on Monday, and domestic institutional investors (DIIs) bought equities to the tune of Rs581.36 crore, provisional data available with stock exchanges showed.

Top gainers in early trade include ICICI Bank, Vedanta, Coal India, M & M, Asian Paints, Hero MotoCorp, Maruti, IndusInd Bank, Sun Pharma, RIL and HCL Tech, rising up to 2.67 per cent.

On the other hand, Bharti Airtel, Infosys, Tata Motors, Tata Steel and HUL were the only losers in the Sensex pack, shedding up to 0.65 per cent.

Meanwhile, the rupee depreciated marginally to 69.49 against the US dollar in early trade.

Brent crude futures, the global oil benchmark, was 0.25 per cent lower at USD 71 per barrel.