Stocks opened higher Tuesday on the back of positive global markets. The Sensex and Nifty traded with over 1 per cent gains in early trade. Markets in Asia advanced on account of higher closing on the Wall Street overnight.
At 0935 hours, the Sensex traded 197 points higher at 16,012 while the broader Nifty index advanced 60 points to 4,803. Analysts expect short term upside for markets.
"The short term trend for 35 of the 50 Nifty stocks is up. 4,950 looks possible on the Nifty. Investors can trade for the short term with a stop loss of 4,684," Independent Market Analyst Sarvendra Srivastava said.
Fundamentals remain weak for a medium to long term up move, analysts said. The earnings season is unlikely to drive the markets up.
"The key trigger will be a fall in interest rates but I don't think that a rate cut will come in Jan... but if that happens it will be a major surprise and the markets will rally on the back of short covering," Sajiv Dhawan, MD of JV Capital Services said.
Stocks opened higher Tuesday on the back of positive global markets. The Sensex and Nifty traded with over 1 per cent gains in early trade. Markets in Asia advanced on account of higher closing on the Wall Street overnight.
At 0935 hours, the Sensex traded 197 points higher at 16,012 while the broader Nifty index advanced 60 points to 4,803. Analysts expect short term upside for markets.
"The short term trend for 35 of the 50 Nifty stocks is up. 4,950 looks possible on the Nifty. Investors can trade for the short term with a stop loss of 4,684," Independent Market Analyst Sarvendra Srivastava said.
Fundamentals remain weak for a medium to long term up move, analysts said. The earnings season is unlikely to drive the markets up.
"The key trigger will be a fall in interest rates but I don't think that a rate cut will come in Jan... but if that happens it will be a major surprise and the markets will rally on the back of short covering," Sajiv Dhawan, MD of JV Capital Services said.
Stocks opened higher Tuesday on the back of positive global markets. The Sensex and Nifty traded with over 1 per cent gains in early trade. Markets in Asia advanced on account of higher closing on the Wall Street overnight.
At 0935 hours, the Sensex traded 197 points higher at 16,012 while the broader Nifty index advanced 60 points to 4,803. Analysts expect short term upside for markets.
"The short term trend for 35 of the 50 Nifty stocks is up. 4,950 looks possible on the Nifty. Investors can trade for the short term with a stop loss of 4,684," Independent Market Analyst Sarvendra Srivastava said.
Fundamentals remain weak for a medium to long term up move, analysts said. The earnings season is unlikely to drive the markets up.
"The key trigger will be a fall in interest rates but I don't think that a rate cut will come in Jan... but if that happens it will be a major surprise and the markets will rally on the back of short covering," Sajiv Dhawan, MD of JV Capital Services said.
The big push today came from banking stocks that advanced nearly 2 per cent. Auto and capital goods stocks also gained traction and traded over 1.5 per cent higher. High beta metal and realty stocks also advanced over 1.5 per cent. Tech stocks however, underperformed the broader markets, rising less than 1 per cent.
All 50 Nifty stocks traded higher today. Axis Bank was the top gainer, rising over 3 per cent. Sesa Goa, Jaiprakash Associates, SAIL, Reliance Power, BPCL, Hindalco, BHEL, Sun Pharma, M&M and JSPL gained 2-3 per cent on the Nifty.
All 30 stocks traded higher on Sensex. Hindalco was the top gainer, rising over 2 per cent, while GAIL advanced 0.38 per cent and traded at the bottom of the Sensex.
The market breadth was strong with 90 per cent stocks rising on the broader BSE 500 index.
Markets in China and South Korea traded with 1.5-2 per cent gains. The Hang Seng index in Hong Kong advanced 0.5 per cent. Overnight, the Dow rose 32.77 points or 0.3 per cent to 12,392.
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