The Indian markets started Tuesday on a firm note after witnessing one of the biggest declines on Monday. The domestic equity benchmarks Nifty and Sensex opened at 16,773.15 and 56,320.02, respectively.  

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The 12-share Bank Nifty, which slipped to 6-months low, opened 350 points higher at 34,863.35.  

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Shares that gained maximum on the benchmark indices are Tata Steel, Titan, IndusInd Bank, Wipro, Hindalco, Tech Mahindra and ICICI Bank. Cipla, Bajaj Auto, Mahindra and Mahindra, Nestle India and Eicher Motors were the top losers.  

The Indian Benchmarks made an optimistic opening tracking gains in other Asian markets, said Gaurav Garg, Head of Research, Capitalvia Global Research Ltd.

"Traders will be taking encouragement as Commerce Ministry official said Indian exports showed a turnaround after December last year and are still strong. Support may come in the market as the Asian Development Bank (ADB) will provide $350 million loan to improve access to urban service in India by accelerating policy action and reforms. Market participants may show some concern with rising inflation and unemployment amid rising cases of Omicron variant of Corona virus," said the analyst. 

He said on technical front, our research suggests that the levels of 16350 and 16850 may act as support and resistance levels respectively. "If the market breaches the level of 16850, we can expect the market to trade till the range of 17000-17100. Technical indicators also support positivity in the market," he added. 

In the pre-open, the Sensex opened nearly 500 points higher at 56,320.02 as except for Ultratech cement all stocks were trading in the green.  

Earlier, SGX Nifty Futures indicate at positive opening for the Indian markets as the index traded 150 points higher around 9 am.  

On Tuesday morning, major Asian markets traded in as Japanese Nikkei 225 was trading with 1.54% gain, Hang Seng Index was up 0.56% and Shanghai Composite Index .23% around 7.30 am.

Earlier on Monday, Wall Street indices lower due to concerns surrounding Omicron. Dow Jones corrected 1.23%, Nasdaq Composite dipped 1.24% and S&P 500 ended 1.14% lower on Monday.