Indian benchmark equity indices opened higher on Tuesday, driven by gains in banking and IT stocks, following three consecutive sessions of declines due to concerns over weak earnings and foreign outflows.

The BSE Sensex was up 110 points, or 0.14%, at 79,607, while the Nifty50 gained 47 points, or 0.19%, to trade at 24,188 around 9:22 am.

From the Sensex pack, Bharti Airtel, ICICI Bank, Tata Steel, Axis Bank, and HCL Tech opened with gains, while Asian Paints, HDFC Bank, Maruti, M&M, and IndusInd Bank opened with cuts.

Among Nifty50 stocks, Hindalco shares surged 3% after the company reported a 123% increase in standalone net profit for Q2, reaching Rs 1,891 crore. This profit exceeded Street estimates of Rs 1,294 crore.

However, Britannia shares plunged 4% after both profit and revenue missed Street expectations. The stock was the top laggard on the Nifty50 in early trading.

On the sectoral front, Nifty Realty surged 1.7%, led by Lodha, Brigade, and Raymond. Nifty IT, Media, Pharma, PSU Bank, Healthcare, Consumer Durables, and Oil & Gas also opened higher. In the broader markets, Nifty Smallcap100 and Nifty Midcap100 rose 0.6% each.

Experts View

"Two strong factors have been at play in this consolidating market. One, the relentless selling by FIIs has been favouring the bears and pulling the market down. Two, the sustained buying by DIIs has been supporting the market preventing a crash in the market. How the market will trend in the coming days will depend on the relative strength of these two factors," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

"It is important to note that the intensity of FII selling is coming down (yesterday FII selling was Rs 2026 crores) and the inflows into mutual funds is steadily increasing which will enable DIIs to continue buying. Monthly flows into equity mutual funds have touched an all-time high of Rs 41887 crores in October clocking a 22% month-on-month increase. This can provide resilience to the market and fundamentally strong fairly valued stocks like the leading banking names will outperform," Vijayakumar added.

Mandar Bhojane, Research Analyst at Choice Broking, said, "The Nifty index has been trading within a limited range of 24,000 to 24,350, with no clear directional breakout. The momentum indicator RSI signals a bullish crossover, hinting at potential upward movement. Additionally, the formation of an inverted hammer on the daily chart suggests a possible bullish reversal. If momentum builds, Nifty could rise towards the 24,500-24,550 zone, while strong support remains at 24,000."

Global Markets

Asian stocks eased while the dollar held at four-month highs on Tuesday, though all the excitement was centred on bitcoin as it soared to a record peak underpinned by investor bets on assets that are likely to benefit from Donald Trump's election win.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 1%, with Taiwan shares sliding 2% and South Korean stocks 1% lower.

Overnight, Wall Street's main indexes notched record high closes, with Tesla gaining around 9% after touching $1 trillion in market value on Friday on bets that the automaker would benefit from CEO Elon Musk's backing of Trump.

FII/DII Tracker

On November 11, foreign institutional investors (FIIs) continued their selling trend, offloading equities worth Rs 2,306 crore. Meanwhile, domestic institutional investors (DIIs) stepped in, buying equities worth Rs 2,026 crore, lending some support to the market.

Crude Oil

Oil prices were little changed in early trading on Tuesday, awaiting further price direction from OPEC's monthly report after China's stimulus plan and oversupply concerns took the wind out of markets in prior sessions.

Brent crude futures fell 1 cent to $71.82 a barrel. US West Texas Intermediate crude futures were at $68.07 a barrel, up 3 cents. Both contracts had fallen by more than 5% over the previous two trading sessions.

Rupee at Record Low

The Indian rupee declined to its weakest level on record on Tuesday, pressured by a decline in the Chinese yuan and other regional peers as the dollar continued its upward run following Donald Trump's victory in the US elections.

The rupee touched a low of 84.3950 in early trading, inching past its previous all-time low of 84.3925 hit in the previous session.

The dollar index was up 0.1% at 105.6 after touching a four-month high on Monday on expectations that the incoming US president will implement economic and trade policies that are expected to boost the US economy.

(With inputs from agencies)