The Nifty today hit a new record high of 11,765 points, suprassing its previous record high of 11,761 points.

The gains were led by ICICI Bank and Reliance Industries. While ICICI Bank jumped 3 per cent in trade, Reliance Industries was up 1.26 per cent in trade.

Strong global cues and prediction by the Meteorological Department on Monday which forecast 'near normal' south-west monsoon, with rainfall expected to be 96% of long-period average, helped perk sentiments.

TCS, which zoomed three per cent on Monday following a spectacular set of numbers, gave-up gains in the morning.

The stock was trading flat at Rs 2120 in early morning trade.

Shares in Wipro rose as much as 1.3 percent to Rs 292 per share after its March quarter results are scheduled to be announced today.

LIC Housing Finance saw its shares fall 1.2 per cent, after a downgrade from a foreign brokerage firm. Meanwhile, the rupee opened stronger at 69.55 to the dollar. Asian markets were also trading with strong gains, led by the Shanghai Composite, which was up a solid 1.5 per cent.

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