Indian equity benchmarks Sensex and Nifty opened higher on Tuesday, shrugging off mixed global signals as investors prepared for derivatives expiry and the start of the June quarter earnings season.
The BSE Sensex climbed 277.14 points, or 0.36 per cent, to open at 77,005.51. The NSE Nifty 50 also moved higher, gaining 85.80 points, or 0.35 per cent, to begin the session at 24,032.05.
Real estate stocks led the market in early trading, with the Nifty Realty index advancing 0.54 per cent.
Buying interest also lifted the Nifty Private Bank and Nifty Auto indices by up to 0.45 per cent.
Positive momentum extended to chemical companies, public sector banks, oil and gas firms, consumer durables and healthcare stocks, indicating selective buying across multiple sectors.
Some sectors, however, witnessed selling pressure during the opening session.
The Nifty IT index fell 0.18 per cent, while the Nifty Metal index declined 0.13 per cent. The FMCG index also traded slightly lower.
Among individual stocks, Eicher Motors, Tata Consumer Products, Hindalco Industries, HDFC Life Insurance, Dr Reddy’s Laboratories, Max Healthcare, SBI Life Insurance, Hindustan Unilever and Infosys were among the notable early decliners.
According to market experts, the lack of fresh market-moving developments may keep benchmark indices confined to a limited trading range in the coming sessions.
Investors are expected to closely monitor the June quarter earnings season for further direction.
Analysts also observed that momentum indicators have started easing, suggesting that consolidation may continue. They believe a decisive breakout above 24,200 or a fall below 23,800 on the Nifty could establish the market’s next directional trend.
Crude oil prices weakened in international trade. Brent crude fell 0.66 per cent to $73.42 per barrel. US West Texas Intermediate (WTI) crude slipped close to the $70-per-barrel level.
Asian markets delivered a mixed performance. Japan’s Nikkei and South Korea’s KOSPI recorded gains of more than 1 per cent. Hong Kong’s Hang Seng index traded lower.
Wall Street closed the previous session in positive territory, with the S&P 500 and Nasdaq Composite posting strong gains.
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