Benchmark equity indices continued their record-breaking rally on Tuesday, with the BSE Sensex breaching the historic 75,000-mark for the first time ever in early trade and the Nifty climbing to its fresh new record peak.

Buying in IT stocks contributed the most to the markets rally in early trade.

The 30-share BSE Sensex climbed 381.78 points to reach its all-time peak of 75,124.28. The NSE Nifty advanced 99 points to hit its record peak of 22,765.30.

From the Sensex basket, Infosys, Tech Mahindra, Tata Consultancy Services, HCL Technologies, Tata Motors, Wipro, ICICI Bank and Nestle were the major gainers.

JSW Steel, Kotak Mahindra Bank, Reliance Industries and Larsen & Toubro were among the laggards.

In Asian markets, Tokyo and Hong Kong were trading in the positive territory while Seoul and Shanghai quoted lower.

Wall Street ended on a mixed note on Monday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 684.68 crore on Monday, according to exchange data.

Global oil benchmark Brent crude climbed 0.19 per cent to USD 90.55 a barrel.

"The new records set by the market yesterday confirm the bullish market undertone. A healthy and desirable trend in the market movement yesterday was the outperformance of the largecaps. This trend is likely to continue," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The BSE benchmark jumped 494.28 points or 0.67 per cent to settle at a new closing peak of 74,742.50 on Monday. The NSE Nifty climbed 152.60 points or 0.68 per cent to 22,666.30.

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