Opening Bell: Nifty above 15,900, Sensex jumps over 250 points; auto, metal top gainers

Following its Asian peers, the Indian market opened on a positive note on Tuesday.  

Benchmarks Nifty50 and Sensex opened higher by around half per cent to open at 15,909.15 and 53,501.21 respectively on Tuesday.  

In the broader market, Nifty midcap and smallcap were trading higher by 0.5% and 0.6% in the opening trade.  

Sectorally, all Nifty indices were trading in the green with Auto and Metal gaining the most in the early trade. 

In the pre-opening, the Sensex rose nearly 200 points as 25 stocks advanced, two declined and three remained neutral on the 30-share index  

"The market lacks clear direction and this trend can be expected to continue in the context of high uncertainty in the global economy. There are no clear indicators yet on whether the US economy will slip into recession and how serious the ongoing global growth slowdown will be. Elevated crude and high inflation will continue to drag on markets," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

The recent correction has made valuations fair but not yet attractive enough for aggressive buying, he pointed out.  

"Leading financials continue to be safe buys. Moderation in commodity prices and improvement in chip availability bode well for autos. Market resilience in July indicates that a close above Nifty 16000 can lead to a near-term rally. Financials, autos and IT have the potential to drive such a probable rally," the expert added.  

Earlier, the cues from Asian market were positive for the Indian market on Tuesday morning.  

Hinting at a positive opening for the Indian market, the SGX Nifty rose around 50 points to 15,814 in the early trade on the Singaporean exchange on Tuesday.  

Besides, Japanese Nikkei 225 gained nearly one per cent, Hang Seng Index at the Hong Kong Exchange rose higher by more than one per cent and Chinese Shanghai Composite was trading higher by 0.30%.