Sensex rises for 3rd straight day, up 300 pts tracking global cues; Nifty above 22,400

, , , , Titan, and emerged as the top Sensex contributors, driving the index higher. Conversely, , M&M, and weighed on the index.

Among individual stocks, shares surged over 15% after the company reported consolidated profit after tax of Rs 147 crore in the March quarter versus a loss of Rs 11.5 crore year-on-year.

shares dipped by 3% in early trade after the company reported a net loss of Rs 21 crore in the March quarter.

On the sectoral front, Realty rose 2.9%, led by , , and . Nifty Bank, Auto, Financial, IT, FMCG, and Oil & Gas sectors also opened higher.

Experts View
"External factors like the high bond yields in the US (the 10-year continues above 4.6%) and geopolitical concerns in the Middle East are not impacting the underlying bullish trend. FPI selling triggered by high US bond yields is neutralised by aggressive DII buying, putting the FPIs on the back foot," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

"The only concern in the market now is the high valuations particularly in the broader market. Investors may stick to the safety of fairly valued largecaps," Vijayakumar said.

Deven Mehata, Research Analyst at Choice Broking, said, "Nifty can find support at 22,300 followed by 22,200 and 22,150. On the higher side, 22,450 can be an immediate resistance, followed by 22,500 and 22,550."

Global Markets
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5%, helped by a 1% jump in Taiwanese shares and a 0.8% advance in Hong Kong's Hang Seng index.

The Asian index rose 1% the day before on easing fears of a major escalation in the Middle East conflict, recovering some of the 3.7% losses last week. Japan's Nikkei edged up 0.1%.

On Wall Street, big tech shares outperformed ahead of their quarterly results this week, sending the Nasdaq 1.1% higher. AI darling Nvidia gained 4.4% while Amazon rose 1.5% and Alphabet jumped 1.4%, although Tesla dropped 3.4% as it cut prices in its major markets.

FII/DII Tracker
Foreign portfolio investors (FPI) sold Indian shares worth Rs 2,915 crore, on a net basis, on Monday, while domestic institutional investors (DIIs) bought Rs 3,543 crore of stocks, according to provisional data from the NSE.

FPIs, who were net buyers in the first half of April, and purchased power and financial services stocks ahead of earnings season, have turned net sellers for the month, shedding 44.81 billion rupees of stocks, according to National Securities Depository data.

Crude Oil
Oil prices edged higher on Tuesday, after falling in the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East.

Global benchmark Brent crude oil futures traded 27 cents higher at $87.27 a barrel, and U.S. West Texas Intermediate crude futures also gained 26 cents to $82.16 a barrel.

Currency Watch
The Indian rupee rose 2 paise to 83.34 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, increased 0.02% to 106.09 level.

(With inputs from agencies)
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