The domestic benchmark indices opened higher on Tuesday, driven by positive global cues and strong buying interest in the IT sector during early trade.
At 9:27 a.m., the Sensex was trading at 78,096.88, up by 112.50 points or 0.14 percent, while the Nifty rose by 12.10 points or 0.05 percent to 23,670.45.
Experts noted that the Nifty has shown a strong V-shaped recovery, with bullish momentum nearly pushing it back to its previous peak of 23,800. According to Vaishali Parekh, Vice President of Technical Research at PL Capital, further upside targets of 24,200 and 24,700 levels are expected. She emphasized that the 50-day exponential moving average (50EMA) at the 23,000 level will serve as a crucial support zone that must be sustained for continued bullish sentiment.
The Bank Nifty index has also demonstrated strength, forming a series of strong bullish candles on the daily chart. It has decisively moved past the critical 200-period moving average at the 51,000 level, reinforcing positive sentiment and signaling potential further gains in the coming days, Parekh added.
Meanwhile, Nifty Bank was trading at 51,852.05, up by 147.19 points or 0.28 percent. The Nifty Midcap 100 index gained 255.15 points or 0.49 percent to reach 52,779.20, while the Nifty Smallcap 100 index climbed 80.85 points or 0.49 percent to 16,444.55.
Among the top gainers in the Sensex pack were UltraTech Cement, HCL Tech, Infosys, Axis Bank, L&T, and Tata Motors, while PowerGrid, Tata Steel, Bajaj Finance, and ICICI Bank were among the top losers.
Global markets remained supportive, with the US markets closing on a strong note in the previous session. The Dow Jones surged 1.42 percent to settle at 42,583.32, the S&P 500 gained 1.76 percent to close at 5,767.57, and the Nasdaq jumped 2.27 percent to end at 18,188.59.
In Asia, Japan’s stock market was trading in positive territory, whereas Seoul was in the red.
Foreign institutional investors (FIIs) bought equities worth ₹3,055.76 crore on March 24, while domestic institutional investors (DIIs) purchased equities worth ₹98.54 crore on the same day.
-Ians
