Indian markets continue winning streak; Sensex, Nifty trade higher

Indian stock markets continued their upward trend on Tuesday, with Sensex and Nifty opening in the green. The gains are fueled by a strong rally in US markets and positive domestic factors, extending the winning streak to a fourth session.

Domestic stock markets continued their green streak on Tuesday as benchmark indices edged higher in early trade. The BSE Sensex started at 78,380.69 points, up by 95.62 points or 0.12 per cent, while the NSE Nifty 50 began at 24,455.65 points, gaining 25.30 points or 0.10 per cent.

The upward movement follows a broad-based rally in international indices, particularly across the US markets. The Nasdaq climbed 288.49 points or 1.12 per cent to 26,121.16, alongside an S&P 500 gain of 0.72 per cent to 7,537.43 and a 0.12 per cent rise in Dow Jones Futures.

Expert's Take on Market Momentum

Ajay Bagga, banking and market expert, said, "The global market setup is highly encouraging this morning. Wall Street saw a strong tech-led resurgence overnight, while domestic structural tailwinds--including improving monsoon progress and softer crude oil prices--are giving Indian equities solid upward momentum. Dalal Street extended its winning streak to a fourth consecutive session on Monday, and GIFT Nifty indicates the bulls remain firmly in the driver's seat."

Asian Markets and Commodities

Meanwhile, performance across Asian markets remained mixed as the Nikkei 225 dropped 1.37 per cent and the KOSPI slid 7.48 per cent. On the other hand, Straits Times and Jakarta Composite saw modest 0.58 per cent gains. GIFT Nifty hovered at 24,481.50, reflecting a minor easing of 0.04 per cent in early charts.

At the time of filing, in the commodities segment, Brent Crude stood at USD 72.46 per barrel, up 0.65 per cent, while Crude Oil traded at USD 68.96 per barrel. In contrast, Gold traded lower at USD 4,132.42, dropping by USD 32.40, which represents a 0.78 per cent decrease.

Technical Outlook and Key Levels

Shrikant Chouhan Head Equity Research Kotak Securities, highlighted specific key levels for the indices moving forward. In terms of potential upside targets, Chouhan mentioned that the Nifty could advance towards 24,500-24,600, while the Sensex may move towards 78,500-78,800.

However, he cautioned about potential support levels and risks of short-term declines if the current momentum weakens. "If the market slips below 24,350/78,000, a quick intraday correction cannot be ruled out. A sustained move below this level could drag the indices towards 24,200-24,250 on the Nifty and 77,300-77,500 on the Sensex," Chouhan said. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)