It was a positive trading day for the two Indian stock market benchmarks. After high new record highs, BSE's Sensex rose 369.80 points to end at 39275.64, while NSE's Nifty 50 gained 96.80 points to close a little below the 11,800-mark at 11,787.20 points.

Earlier today Sensex and Nifty 50 touched record highs of 39,364.34 and 11,810.95 respectively.

The top gainers on Nifty 50 were ICICI Bank, IndusInd Bank, Titan Company, ONGC and Adani Ports, while the losers were Wipro, Cipla, GAIL, Tata Motors and Infosys.

The beginning of Q4 earnings results that started with TCS's strong numbers has the market optimistic. Shares of TCS closed 1 percent higher on Tuesday. Further, ICICI Bank gained as much as 4 percent after Goldman Sachs raised its target price for the stock to Rs 492, from the earlier Rs 451.

Nifty Bank ended 1.4 percent higher at 30529.80 with IndusInd Bank (4 percent), Axis Bank (1.6 percent) and HDFC Bank (0.80 percent) among the top gainers in the banking sector.

Shares of SpiceJet rose 11 percent as investors are expecting the airlines to increase capacity amid Jet Airways' financial woes.

1258 shares advanced, 1276 shares declined, and 159 shares were unchanged during the day.

Indian markets will remain closed on Wednesday and Friday on account of Mahavir Jayanti and Good Friday. The second phase of voting for Lok Sabha elections will take place on Thursday.