The domestic share market opened Tuesday's trading on a bright note, based on positive world cues and big ticket buying interest in the technology space. Around 9:27 AM, the Sensex added 112.50 points or 0.14% to trade at 78,096.88, while the Nifty crept up 12.10 points or 0.05% to 23,670.45.
Market analysts observed that Nifty's consistent momentum indicates a V-shaped recovery, with bull forces dominating bear trends and taking the index near its earlier peak of the 23,800 level.
"With additional targets of 24,200 and 24,700 levels on the cards, the bias and sentiment has been positive overall at this point. The crucial 50EMA level of 23,000 level will serve as the key support from here, which must be maintained," said Vaishali Parekh, Vice President-Technical Research at PL Capital.
Bank Nifty has also displayed robust bullish patterns on the daily chart, overcoming the key 200-period moving average (MA) hurdle at 51,000 convincingly. This move is likely to consolidate the prevailing trend, with more upside seen in the near term, Parekh further stated.
Concurrently, the Nifty Bank index rose 147.19 points or 0.28% to 51,852.05. In the meantime, the Nifty Midcap 100 index rose by 255.15 points or 0.49% to 52,779.20, while the Nifty Smallcap 100 index rose 80.85 points or 0.49% to 16,444.55.
Among the best performers in the Sensex group were UltraTech Cement (NSE:ULTC), HCL Tech (NSE:HCLT), Infosys (NSE:INFY), Axis Bank (NSE:AXBK), L&T, and Tata Motors (NSE:TAMO). However, PowerGrid, Tata Steel (NSE:TISC), Bajaj Finance (NSE:BJFN), and ICICI Bank (NSE:ICBK) declined.
In the last session of trading, the US markets closed with high gains. The Dow Jones climbed 1.42% to close at 42,583.32, while the S&P 500 gained 1.76% to 5,767.57. The Nasdaq also posted a good increase of 2.27%, closing at 18,188.59.
In the Asian markets, Japan was up, while Seoul was in negative territory.
Foreign institutional investors (FIIs) purchased net equities of ₹3,055.76 crore on March 24, while domestic institutional investors (DIIs) also purchased equities, but to the tune of ₹98.54 crore.
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