The Indian stock markets BSE, NSE will be closed today on the occasion of Mahavir Jayanti. Notably, the forex and commodity exchanges will also remain closed on Wednesday. Sensex and Nifty surged to fresh record highs on Tuesday on the back of robust monsoon outlook, earnings forecast, and positive trade data. After hitting a fresh all-time high of 39,364, the Sensex closed about 370 points higher to hit a new closing high of 39,276. The Nifty surged to a fresh record high of 11,810.95, and ended at its highest ever close of 11,787.15. The top gainers in the 30-share index included IndusInd Bank and ICICI Bank as shares emerged as top gainers, jumping nearly 4% each on Tuesday afternoon. We take a look key factors driving Sensex and Nifty to records. Weather\u00a0forecast Earlier this week, the weather department predicted a near-normal monsoon for April-September period. Notably,\u00a0 private weather forecaster Skymet had predicted below normal rainfall during the monsoon season. But, would this help sustain rally?\u00a0\u201cMarkets do not generally react beyond a point by good or bad monsoons. Usually after such forecasts which predict higher or lower rainfalls, markets tend to give only a sentimental reaction and that too for a relatively short time,\u201d Milan Vaishnav, CMT, MSTA told Financial Express Online. India Inc earnings The earnings season has been robust so far, with Infosys, TCS and Wipro reporting strong Q4 results.\u00a0According to global firm Morgan Stanley, factors leading to a tepid earning have now reversed, and the stage is set for a reversal. \u201cWe observe that most of these factors have reversed for FY20, setting the stage for a new earnings cycle. This cycle could last for four to five years with market earnings compounding at 20 per cent per annum,\u201d Ridham Desai, managing director at Morgan Stanley India said in a recent note. Trade data The trade deficit narrowed to $10.89 billion during March as against the $13.51 billion in the same month of the previous year. The exports surged to a five-month high of 11 per cent last month.