Domestic benchmark equity indices extended their gains in early trade on Tuesday, supported by positive global market cues and improving investor sentiment.
The BSE Sensex opened 95.62 points, or 0.12 per cent, higher at 78,380.69, while the NSE Nifty 50 rose 25.30 points, or 0.10 per cent, to 24,455.65.
The positive opening followed a strong rally on Wall Street, where technology stocks led gains overnight. The Nasdaq advanced 1.12 per cent, while the S&P 500 rose 0.72 per cent. Dow Jones Futures also traded marginally higher.
Market expert Ajay Bagga said the global market environment remained supportive, with a rebound in US technology stocks, improving monsoon progress and softer crude oil prices providing momentum to Indian equities. He noted that Dalal Street had extended its winning streak to a fourth consecutive session, while GIFT Nifty indicated continued bullish sentiment.
Asian markets, however, presented a mixed picture. Japan’s Nikkei 225 and South Korea’s KOSPI traded lower, while Singapore’s Straits Times and Indonesia’s Jakarta Composite posted modest gains.
In the commodities market, Brent crude traded at $72.46 per barrel, up 0.65 per cent, while US crude hovered around $68.96 per barrel. Gold prices declined 0.78 per cent.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, said the Nifty could advance towards the 24,500–24,600 range, while the Sensex may test the 78,500–78,800 levels if the current momentum continues.
However, he cautioned that a fall below 24,350 on the Nifty or 78,000 on the Sensex could trigger a short-term correction, with the indices potentially slipping towards the 24,200–24,250 and 77,300–77,500 levels, respectively.
-ANI
