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Indian equity markets ended higher for the fourth consecutive session led by strong gains in metals and pharma stocks. Positive global cues helped the Sensex and Nifty open with a gap up and sustained these opening gains in a rangebound trading session. The Sensex ended 296 points or 0.6% to close at 49,502 and Nifty 50 index advanced 119 points or 0.8% to close at 14,942.

MidCap and SmallCap indices ended over 1% higher each. All the sectoral indices ended in the green with Nifty Metal and Pharma stealing the show, rising around 3% each. Auto, energy and infrastructure sectors rose over 1%.

Among stocks, Coal India, UPL, Hindalco Industries, IOC and Tata Motors were among the top gainers on the Nifty. Losers included Shree Cements, UltraTech Cement, Britannia Industries, Infosys and Hero MotoCorp.

The overall market breadth was positive as 2,056 shares ended higher while 1,052 ended lower on the BSE.

Stock markets seem to shrug off concerns on rising cases and calls of longer, stricter lockdowns in various parts of the country. RBI’s liquidity measures announced last week continue to instil confidence in the markets. Sentiments got a boost as Union Health Ministry stated that India is the fastest country globally to administer 17 crore COVID-19 vaccine doses.

Going forward, COVID-19 updates, earnings and macro-economic data will steer the stock markets in the holiday-shortened week. Global trends will also guide the market sentiment, say experts. Equity markets would remain closed on Thursday for ‘Id-Ul-Fitr’.

Here’s how experts see markets trading on Tuesday

Ajit Mishra, VP, Research, Religare Broking

We remain cautiously optimistic on the back of rotational buying in select index majors amid the rising COVID cases. Besides, buoyant global cues are also helping in limiting the downside. Going forward, earnings announcement, macroeconomic data viz. IIP, CPI and WPI data along with COVID-19 updates would remain on participants’ radar. Meanwhile, we suggest continuing with the “buy on dips” approach and focusing more on selection of stocks.

Manish Shah, Founder, www.Niftytriggers.com

Nifty closed the day sharply higher as the Nifty responded well to the strong close of the previous. Nifty is now trading below the resistance at 15000-15050. If Nifty closes above this resistance zone, we are likely to see a fast rally beyond the recent high of 15430. A break above this zone could lead Nifty towards 15755-15800. This target is calculated from the width of the pattern. Support for Nifty is pegged at 14500-14550. As long as we do not see a bearish pattern in Nifty expect the breakout to work this time.