The Indian stock market opened on a positive note on Tuesday, buoyed by strong global cues, with buying interest seen across PSU banks, auto, and IT sectors in early trade.
By 9:25 am, the Sensex was up 409.4 points, or 0.51%, at 80,627.85, while the Nifty rose 118.10 points, or 0.49%, to 24,446.60.
The Nifty Bank index gained 492.90 points, or 0.89%, to reach 55,925.70. Meanwhile, the Nifty Midcap 100 climbed 490.90 points, or 0.43%, to 54,931.15, and the Nifty Smallcap 100 advanced 183.15 points, or 1.10%, to 16,860.05.
Analysts said that the Nifty could find support at 24,250, with immediate resistance expected around 24,500, followed by higher levels at 24,600 and 24,700.
“The Bank Nifty charts suggest support levels at 55,300, 55,000, and 54,700, while resistance is seen at 55,600, 55,900, and 56,200,” said Hardik Matalia of Choice Broking.
Among Sensex constituents, top gainers included IndusInd Bank, Bajaj Finserv, Axis Bank, Tata Motors, M&M, Titan, SBI, Bajaj Finance, Eternal, Maruti Suzuki, and Power Grid. On the downside, UltraTech Cement, Nestle India, Sun Pharma, and Asian Paints were among the major laggards.
The Sensex respected its critical 200-day moving average (DMA) support around the 79,100 mark during intraday trade, triggering a rally towards the 61.8% retracement level and improving market sentiment.
“A decisive breach above the 80,400 resistance zone could signal a breakout and pave the way for further gains,” said Vaishali Parekh, Vice President–Technical Research at PL Capital Group.
In broader Asian markets, China and Bangkok were trading lower, while markets in Jakarta, Seoul, Hong Kong, and Japan remained in positive territory.
On Wall Street, the Dow Jones Industrial Average closed higher by 0.28% at 40,227.59 in the previous session. The S&P 500 inched up 0.06% to 5,528.75, while the Nasdaq slipped 0.10% to close at 17,366.13.
Foreign institutional investors (FIIs) continued their buying streak for the ninth consecutive session, recording net inflows of ₹2,474.10 crore on April 28. Domestic institutional investors (DIIs) were also net buyers for the second straight session, with inflows of ₹2,817.64 crore.
— IANS
