Stock markets hit record highs, Sensex above 39,240

Benchmark indices hit fresh record highs in the morning trade on Tuesday with investors optimistic on upcoming corporate earnings for the final quarter of 2018-19.

The S & P BSE Sensex hit a new peak of 39,277.96. At 12:40 pm, the Sensex was up 340 points at 39,246 while the Nifty 50 had gained 90 points at 11,780.

In sectoral indices, private banks led the gains followed by FMCG and financial services.

ICICI Bank, Reliance Industries, Larsen & Toubro, Tata Consultancy Services and ITC were the major contributors.

On Monday, the Indian Meteorological Department forecast near-normal rains for the monsoon season, lifting worries over the possibility of below-normal rainfall.

Meanwhile, shares in Asian markets traded on a positive note as investors weighed earnings in the United States and Japan.

The US-China trade dispute is showing signs of progress but a slowdown in global corporate earnings and bleak investment climate have put pressure on risk assets.