The turnover on Shanghai and Shenzhen bourses hit a record high of 160 billion yuan (20 billion U.S. dollars) on Tuesday.

The turnover on the Shanghai bourse surged to 110.69 billion yuan after it broke the 100-billion-yuan mark on Monday, while 55.11 billion yuan was traded on the Shenzhen bourse.

The benchmark Shanghai Composite Index climbed 0.54 percent to 2,949.14 points, renewing Monday's record. The Shenzhen Component Index reached a record high of 8,392.24 points but then dipped to end at 8,311.26 points, down 0.38 percent.

The Hushen 300 Index reflecting the whole fluctuation of China's Shanghai and Shenzhen stock exchanges gained 0.68 percent to 2,508.13 points.

Led by the market heavyweights the ICBC and Bank of China, the banking shares all rose, with stocks of the China Minsheng Bank, Shanghai Pudong Development Bank and Huaxia Bank growing to the upward limit of 10 percent.

China Life, counted in the Shanghai Composite Index Tuesday, slumped by 6.04 percent to 44.03 yuan.

Meanwhile, retail and brewery shares reported heavy loses instead of previous booming. Stock in the Fenjiu Group dropped by the 10 percent daily limit, while Guizhou Moutai was down seven percent.