Indian benchmark indices opened higher with Nifty above 15,900. At 09:20 hours, the 30-share BSE index was trading 238 points or 0.45 per cent higher at 53,188.72, and the broader NSE Nifty was up 47 points or 0.30 per cent to 15,932.55.
Asian Paints and HDFC were the top gainers in the Sensex pack, advancing over 2 per cent, followed by Power Grid, Titan, Tech Mahindra and Ultra Tech Cement.
On the other hand, Bajaj Auto and HCL Tech were among the losers.
On Monday, the benchmark indices ended higher amid a positive trend in global equities. Sensex closed 363 points higher at 52,950 and Nifty surged 122 points to 15,885.
Commenting on the technical outlook of Nifty, Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said, “The daily intraday charts suggest the market is consolidating near the important resistance level of 15,900. The strong breakout formation is not ruled out, if the index succeeds to trade above 20 day SMA or 15,800. Above the same, the uptrend texture is likely to continue up to 15,930-15,975 levels. On the flip side, a close below 20 day SMA may increase further selling pressure till 15,745-15,700.”
Foreign institutional investors (FIIs) emerged as net sellers as they sold shares worth Rs 1,539.88 crore on August 2 and bought shares worth DIIs bought shares worth Rs 1,505 crore, as per provisional data available on the NSE.