The key Indian equity indices opened on a positive note on Tuesday with the BSE Sensex surging over 400 points.
Sensex opened at 50,258.09, higher by 408.25 points from its previous close of 49,849.84 points.
Healthy buying was witnessed in IT, oil and gas and banking stocks.
The gainers on the Sensex were Bajaj Finance, Tech Mahindra and Infosys, while the only losers were ONGC, HDFC and Power Grid.
At around 9.25 a.m., it was trading at 50,240.45, higher by 390.61 points or 0.78 per cent from its previous close.
It has so far touched an intra-day high of 50,261.93.
The Nifty50 on the National Stock Exchange was trading at 14,869.35, higher by 107.80 points or 0.73 per cent.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: “We are currently trading in the resistance zone of the Nifty. This range which is between 14,850-14,950 needs to be conquered if the markets want to resume the uptrend. We need to close above 14,950 at the very least.
“On the flip side if we turn around from here, fresh shorting opportunities will emerge and take the markets south to levels closer to 14,500.”