India's key equity indices -- Sensex and Nifty -- extended their gains from the previous to rise marginally in the opening session on Tuesday but soon global cues and retreating crude oil prices impacted the positive mood in the market.
At 9.56 a.m., Sensex opened 0.5 per cent or 272 points up at 57,865 points, whereas Nifty 0.5 per cent or 79 points up at 17,301 points. As of 11:30 a.m., Sensex was hovering around 57,806 or 212.62 points up or 0.37%. Nifty50 was also slightly down at17,276.70 or 54.70 points down or 0.32%.
"Stability in global markets, softening crude and chances of a ceasefire in Ukraine can provide the positive backdrop for this breakout," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
However, high US inflation and an increasingly hawkish US Fed are major headwinds for equity markets globally, said Vijayakumar, adding that he expects volatility in the markets.
Adani Ports, Divi's Labs, Ultratech Cement, Bharti Airtel, and Cipla were the top five gainers among the Nifty 50 companies, while ONGC, Coal India, Hindalco, ITC, and Tata Steel the top five losers.
