Mumbai, Sep 22: Indian equity markets started Tuesday's trading session on a firm note, with the benchmark indices posting modest gains as easing crude oil prices, a stronger rupee and positive global market trends provided support to investor sentiment.
At around 9.20 am, the Sensex was up 64 points, or 0.10 per cent, at 74,914, while the Nifty gained 34 points, or 0.15 per cent, to trade at 23,449.
The broader market performed better than the benchmark indices in early trade. The Nifty Midcap 100 rose 0.33 per cent, while the Nifty Smallcap 100 advanced 0.40 per cent, reflecting buying interest beyond the large-cap segment.
Among sectoral indices, most traded in positive territory. Nifty Realty led the gains with a rise of 1 per cent, followed by chemicals, which advanced 0.64 per cent. In contrast, Nifty IT fell 1.09 per cent, while FMCG was almost unchanged with a marginal decline of 0.01 per cent.
The decline in crude oil prices remained one of the key positives for the domestic market. WTI crude was trading around $92-$93 a barrel, easing concerns over higher import costs for India. A stronger rupee also offered some support to the broader economic outlook.
Global cues were favourable as well. Asian markets traded largely higher after Wall Street recorded strong gains in the previous session. Japan's Nikkei climbed 1.38 per cent, South Korea's Kospi rose 1.89 per cent, Hong Kong's Hang Seng gained 0.41 per cent, while Shanghai and Shenzhen advanced 0.22 per cent and 0.62 per cent, respectively.
US markets also closed higher overnight. The Nasdaq gained 2.26 per cent, the S&P 500 rose 1.49 per cent, and the Dow Jones Industrial Average advanced 0.71 per cent.
The domestic market had ended the previous session on a positive note, with the Nifty rising 0.29 per cent to close at 23,414. Analysts are watching the 23,250-23,300 zone as immediate support, while 23,550-23,600 remains a key resistance range.
The Bank Nifty also gained 0.20 per cent in the previous session to close at 56,470. Support is placed at 56,000-56,300, while resistance is seen at 56,800-57,000.
Meanwhile, institutional activity remained mixed. On September 21, foreign institutional investors (FIIs) sold equities worth Rs 576 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 2,800 crore.
With crude prices easing and global markets maintaining a positive tone, domestic equities are likely to remain sensitive to movements in oil prices, the rupee, global cues and institutional fund flows during the trading session.
