Mumbai, Dec 29 (IANS): The key Indian equity indices continued its rally on Tuesday with the BSE Sensex and the Nifty50 hitting fresh record high levels.

Sensex hit a fresh high of 47,710.38, and the Nifty50 touched an all-time high of 13,967.60 points.

Healthy buying in banking and IT stocks supported the market.

Around 10.15 a.m., Sensex was trading at 47,697.96, higher by 344.21 points or 0.73 per cent from its previous close of 47,353.75.

Nifty50 was trading at 13,965.30, higher by 92.10 points or 0.66 per cent from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: "We have hit 13,900 this morning and the 14,000 mark should now be a mere formality to achieve. There is always a possibility for the markets to shy away from that level since it's a psychological number."

"If we sustain 14,000, we should look out for 14,200. During the recent correction, the Nifty has made a good base at the 13,100-13,200 level. Until that does not break, we are in bullish territory," he added.