Mumbai: Indian stock markets started Tuesday on a positive note as easing crude oil prices and gains across global markets offered some support to investors. The advance, however, remained limited, with IT stocks coming under pressure.

Sensex was up 64 points, or 0.10%, at 74,914, while the Nifty 50 gained 34 points, or 0.15%, to trade at 23,449.

The broader market performed better than the benchmark indices. The Nifty Midcap 100 rose 0.33%, while the Nifty Smallcap 100 gained 0.40%.

Why is the Indian stock market rising today?

A key factor supporting sentiment was the correction in global crude oil prices. WTI crude was trading in the $92–$93 per barrel range, offering some relief to oil-importing economies such as India.

A stronger rupee also added to the positive mood, while gains in US and Asian markets provided an additional boost to domestic equities.

Most sectoral indices on the NSE were trading in positive territory in early trade. Nifty Realty was the top gainer, rising 1%, followed by the chemicals index, which gained 0.64%.

IT stocks moved in the opposite direction. Nifty IT fell 1.09%, making it the weakest major sector in early trading. FMCG was also marginally lower, slipping 0.01%.

Global markets remain supportive

Asian markets were largely higher on Tuesday. Japan's Nikkei rose 1.38%, South Korea's Kospi gained 1.89%, Hong Kong's Hang Seng advanced 0.41%, while China's Shanghai Composite and Shenzhen indices gained 0.22% and 0.62%, respectively.

US markets also ended higher in the previous session. The Nasdaq climbed 2.26%, the S&P 500 gained 1.49%, and the Dow Jones Industrial Average rose 0.71%.

The positive overseas trend helped improve risk sentiment at the start of Tuesday's Indian trading session.

Nifty, Bank Nifty levels to watch

The Nifty had closed at 23,414 in the previous session after gaining 0.29%. Analysts cited in the market commentary placed immediate support around 23,250–23,300, while resistance was seen at 23,550–23,600.

The Bank Nifty closed at 56,470, up 0.20%. Its immediate support was placed between 56,000 and 56,300, with resistance seen around 56,800–57,000.

Foreign investors remained sellers in the previous session. Foreign institutional investors (FIIs) sold equities worth ₹576 crore on September 21, while domestic institutional investors (DIIs) bought shares worth ₹2,800 crore.

For investors tracking the market on Tuesday, crude oil prices, global market trends and the performance of heavyweight sectors remain key factors shaping the early trade.

With IANS inputs