The BSE Sensex and Nifty 50 opened higher for the second consecutive session on Tuesday, tracking positive cues from Asian and US markets.
The Sensex rose 323.82 points, or 0.42 per cent, to open at 75,826.68, while the Nifty gained 85 points, or 0.36 per cent, to begin at 23,493.20.
The early gains proved short-lived as markets turned volatile amid rising tensions in West Asia.
The Sensex later slipped to 75,422.73, down 80.12 points, while the Nifty fell to 23,389.15, losing 20 points in early trade.
On the sectoral front, IT stocks led the decline, with the Nifty IT index falling 0.83 per cent. Auto, mid- and small-cap IT and telecom, PSU banks, FMCG, and oil and gas stocks also traded in the red.
In contrast, media, realty and consumer durables indices posted modest gains of up to 0.24 per cent, offering limited support to the broader market.
Market experts believe the Indian equity market is likely to remain volatile with a cautious undertone due to global macroeconomic pressures and geopolitical developments.
Ponmudi R of Enrich Money said global and geopolitical factors are driving market sentiment.
Aakash Shah of Choice Equity Broking noted a technical recovery supported by short covering and value buying. He added that Nifty faces resistance at 23,500–23,600 and has support near 23,250–23,300, with a breakout potentially extending gains.
Asian markets traded on a bullish note, with Nikkei 225, Hang Seng Index and KOSPI rising by up to 3 per cent.
Analysts, however, warned that inflation risks remain elevated, particularly if crude oil prices rise again, which could impact market stability in the near term.
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