Markets extend recovery; Sensex up 140 points, Nifty above 22,500; bank stocks lead

Indian markets extended their recovery on Tuesday, opening with a gap-up but trading largely flat. The Sensex rose more than 140 points and was up 148.26 points, or 0.24%, to around 61,936.78, after opening at 61,935.45 versus a previous close of 61,788.52. The Nifty opened at 22,603.25 and was around 22,591.60, up 35.85 points, or 0.16%, above the prior close of 22,555.75. Sector performance was mixed early: Nifty Private Bank led the gainers, while Nifty Auto, FMCG, IT, Pharma, Realty, Healthcare and Consumer Durables were lower. Ahead of the Reserve Bank of India’s MPC decision Wednesday, banking shares rallied. Analysts cited softer crude, improving global cues, and concerns about sustaining gains due to US 10-year yields near 5.3% and a potential “sell on rally” dynamic from FIIs.