Opening Bell: Nifty above 17,200, Sensex gains more than 200 points; all sectors turn green

The Indian markets started Tuesday's session on a positive note amid weak domestic and global cues. Domestic equity benchmarks Nifty50 and the Sensex opened nearly 0.4% higher. The broader Nifty reclaimed 17,200, while the Sensex added more than 200 points to start above 57,300. The two indices opened at 17,258.95 and 57,381.77 respectively.  

Nifty mid cap and small cap indices outperformed as both the indices gained nearly 1%.  

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Among sectors, all Nifty sectoral indices turned green as metal and media gained the most.  

In the pre-open, the Sensex gained nearly 250 points as 23 shares advanced, six declined and one remained neutral on the 30-share Sensex. 

SGX Nifty Future was up over 40 points on the Singaporean exchange around 9 am, hinting at a positive to flat opening for the domestic equity market. 

"Nifty closed lower at 17,174 on Monday forming a ‘Doji’ bar, while VIX ended at ~19-level. After a gap-down opening, the Index sustained below the same throughout the day, but the 200-DMA, placed at 17,164, offered interim support," said Viraj Vyas, Technical and Derivatives analyst at Ashika Broking.  

Going forward, the bearish gap (17,440-17,240) is likely to act as a resistance, he said. In case the near-term support of 200-DMA is not held, the Index is likely slip towards 17,000-16,800 zone, added Vyas. 

Earlier, in the Asian market, the indices were trading mixed on Tuesday morning. Japanese Nikkei 225 was trading higher by 0.4%, Hang Seng Index at the Hong Kong Exchange declined more than 2.5% and Chinese Shanghai Composite was up 0.20% in the morning trade.  

On Friday, the US markets closed in the red for second day in a row as benchmark indices Dow Jones ended lower b 0.11 points, Nasdaq Composite dropped more than 2% and S&P 500 closed flat with negative bias on Monday.