Share Market Update: Domestic benchmark indices Sensex and Nifty on Tuesday clocked record highs on the back of massive gains posted by banking stocks and IT heavyweight Tata Consultancy Services (TCS). According to reports, BSE Sensex rose as much as 458 points intraday to 39,364, before ending at 39,275, up 369 points. Likewise, the broader benchmark index Nifty50, which hit a fresh high of 11,810 intraday, settled 0.90 per cent higher at 11,787. After breaching the 11,800 mark for the first time, Nifty 50 settled 96.80 points higher at 11,787.15.

In the previous session, the BSE index settled 138.73 points, or 0.36 per cent, higher at 38,905.84, while the broader Nifty rose 46.90 points, or 0.40 per cent, to close at 11,690.35. Top gainers on the Nifty50 were IndusInd Bank, ICICI Bank, Titan, Asian Paints, Hindalco and L&T, trading between 1.77 per cent and 2.80 per cent higher.

The earnings season got off to a good start with market heavyweight TCS scoring another quarter of strapping numbers and the management expects continued strong growth in the new fiscal year starting April 1. TCS shares ended 1 per cent higher, extending its Monday's 5 per cent gain.

This massive gain by the domestic indices was led by index heavyweights ICICI Bank Ltd and Reliance Industries Ltd, amid sustained buying from foreign investors. According to news agency Reuters, investors were also optimistic as the earnings season got off to a good start and the state-run weather office forecast average monsoon rains this year.

Stocks of ICICI Bank splurged to as much as 3.3 per cent in its sharpest intraday gain in five weeks and was the top boost to both indexes, after reports that Goldman Sachs raised its target price to Rs 492 from Rs 451 rupees.

Even the stocks of Reliance Industries went up by 1.5 per cent to its highest since April 5, and SpiceJet Ltd surged as much as 8.1 per cent to its highest since May 2018 after the low-cost carrier said it would expand its Bombardier fleet by inducting five more Q400 aircraft.

Among losers, Wipro Ltd fell as much as 0.9 per cent after the IT services firm said it was investigating a potential breach of some of its employee accounts due to an advanced phishing campaign.