Sensex and Nifty Extend Four-Session Rally as FII Buying Drives Market Gains
Benchmark equity indices Sensex and Nifty saw a continued upswing on Tuesday, maintaining their rally across four consecutive sessions. The market gained momentum as foreign institutional investors (FIIs) turned back into buyers for the second straight session, supporting the bullish trend in Indian equities.Morning Index Performance Update
Trading activity showed healthy gains across key indices during the morning session. At 10:15 a.m., the Sensex stood at 78,497.02, registering a gain of 211.95 points or 0.27 percent. The broader Nifty index advanced to 24,494.50, reflecting gains of 64.15 points or 0.26 percent.Factors Fueling the Market Surge
Foreign institutional activity has been a significant pillar supporting the market's ascent. FIIs became net buyers for the second consecutive session on Tuesday, purchasing Rs 243.03 crore. This follows a stronger performance in the previous trading day when they purchased a total of Rs 1,355.33 crore.In addition to sustained institutional demand, softening commodity prices provided relief to market sentiment. Crude oil prices continued to trade lower near $72 a barrel, contributing positively to the overall market momentum.
Technical Outlook and Target Levels
Market strategists point toward significant potential upside, though cautioning against immediate aggressive moves. Anand James, Chief Market Strategist at Geojit Investments, noted that the closing of the index above 24400 enhances the probability of a major move towards the 24800-25250 range.However, he cautioned that sharp movements toward the 24600 region could attract rejection trades. The immediate technical setup dictates a downside marker at 24360 until the 24600 level is observed and tested decisively.
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