Indian benchmark indices BSE Sensex and NSE's Nifty 50 opened fresh record highs on Tuesday, extending Monday’s rally, amid optimism of victory for ruling Narendra Modi-led Bharatiya Janata Party (BJP) in the 2019 Lok Sabha election.

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The Sensex gained as much as 210 points to hit a new high of 39,562.90, surpassing the previous high of 39,487.45, hit on April 18. Nifty also gained as much as 50 points to hit a fresh high of 11,878.75, surpassing the previous high of 11,856.15, hit on April 18.

At 09:15 am, the Sensex was up 96.78 points, or 0.25 percent, at 39,449.45 points, while the Nifty 50 advanced 26.35 points, or 0.22 percent, to 11,854.60 points.

All sectors, except Nifty IT, Nifty Auto, were trading in green. Nifty Pharma gained the most among sectoral indices followed by Nifty Media, Nifty Fin Services, and Nifty Pvt banks. Meanwhile, Nifty IT and Nifty Auto declined 0.6 percent and 0.13 percent, respectively.

Nifty Bank crossed its fresh record high and was trading higher 0.43 percent or 136.55 points at 30,896.50. Nifty Bank was up 0.20 percent led by the gains in RBL Bank, ICICI Bank, Federal Bank, HDFC Bank and others.

HDFC, Adani Ports, Dr. Reddy’s IndusInd Bank, and GAIL were among the major gainers on the Nifty50, whereas Tata Motors, Grasim, BPCL, Hindalco, and Eicher Motors led losses.

Tata Motors fell 3 percent after its’ consolidated net profit attributable to shareholders almost halved in the quarter ended March 31. The company reported a profit of Rs 1,117.48 crore for the March 2019 quarter, compared to a profit of Rs 2,125.24 crore in the same period a year ago.

Meanwhile, Asian shares wobbled near four-month lows on Tuesday on mounting worries the White House’s black-listing of Chinese telecom giant Huawei Technologies could further inflame already tense relations between the Washington and Beijing.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.20 percent.

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