Mumbai: The domestic benchmark indices opened higher on Tuesday amid positive global cues, as buying was seen in the IT sector in the early trade.
At around 9.27 am, Sensex was trading 112.50 points or 0.14 per cent up at 78,096.88 while the Nifty added 12.10 points or 0.05 per cent at 23,670.45.
According to experts, Nifty, continuing with the robust move, has indicated a V-shaped recovery with the bulls gaining strength over the bears almost reaching the previous peak of 23,800 zone.
“With further targets of 24,200 and 24,700 levels expected, the bias and sentiment has turned overall positive as of now. the important 50EMA zone of 23,000 level shall be positioned as the major support from here which needs to be sustained,” said Vaishali Parekh, Vice President-Technical Research-PL Capital.
Bank Nifty, with series of strong bullish candle formation on the daily chart has decisively moved past the important 200 period MA at 51000 level to strengthen the trend and with the sentiment turned positive, one can expect for further rise in the coming days, Parekh added.
Meanwhile, Nifty Bank was up 147.19 points or 0.28 per cent at 51,852.05. The Nifty Midcap 100 index was trading at 52,779.20 after adding 255.15 points or 0.49 per cent. Nifty Smallcap 100 index was at 16,44.55 after climbing 80.85 points or 0.49 per cent.
In the Sensex pack, UltraTech Cement, HCL Tech, Infosys, Axis Bank, L&T and Tata Motors were the top gainers. PowerGrid, Tata Steel, Bajaj Finance and ICICI Bank were the top losers.
In the last trading session, Dow Jones in the US added 1.42 per cent to close at 42,583.32. The S&P 500 climbed 1.76 per cent to 5,767.57 and the Nasdaq added 2.27 per cent to close at 18,188.59.
In the Asian markets, Japan was trading in green. Whereas Seoul was trading in red.
The foreign institutional investors (FIIs) bought equities worth Rs 3,055.76 crore on March 24. On the other hand, domestic institutional investors (DIIs) bought equities of Rs 98.54 crore, on the same day.
(IANS)
