The Indian market managed to extend gains for the fourth session as benchmarks indices ended marginally higher amid support from global market on Tuesday. The broader Nifty50 gained 0.11% to end at 15,850 and the Sensex added 16 points to close at 53,177. 

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Auto, Metal and energy stocks led the rally amid new SUV launches and rising crude price respectively. Nifty Metal gained 1.6% aided by rising Oil prices, which rallied for a third day on Tuesday as Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly and political unrest in Libya and Ecuador added to supply concerns. 

Besides, the launch of the much-awaited all-new Mahindra Scorpio-N on Monday and upcoming launches of new-gen Maruti Suzuki Brezza and Toyota Hyryder also helped auto stocks gain. Nifty Auto gained 1.25 led by Mahindra & Mahindra.  

In the broader market, Nifty midcap gained around 0.3%, while smallcap dipped by nearly the same margin.  

Meanwhile, Foreign Institutional Investors (FIIs) remained net sellers in the Indian market, as they sold shares worth Rs 1,278.42 crore on Monday, showed exchange data. 

Meanwhile, amid uncertainty in the market, here is what experts make of today's trading session.  

Ranganathan, Head of Research at LKP securities 

While the confluence of factors like war, oil and currency strength of India tempted FII’s to book profits on the back of premium valuations relative to its peers, the narrative could likely change if any of the above factors were to alter going forward.  

As the rupee hit fresh lows today, we did see selective buying interest in exporting companies as smart investors begin bargain hunting by putting global macro worries behind. In a rather range-bound trading session today as deliberations of the GST council gets underway, Autos displayed strength yet again on the back of new launches ahead of their monthly numbers.   

Vinod Nair, Head of Research at Geojit Financial Services 

After a gap down opening, domestic indices were lifted by positive global peers, while oil prices rose over renewed supply concerns. The weakened rupee and rising bond yield limited domestic investors’ risk appetite. Gains in commodity-linked stocks and optimism over easing Covid restrictions in China aided the global up-move. 

Ajit Mishra, VP - Research, Religare Broking Ltd

Markets are trading largely in sync with their global peers and seeing selective participation so far. Auto pack tops our list of preferred sectors followed by select stocks from FMCG, pharma and IT pack. Participants should align their positions accordingly.

Rupak De, Senior Technical Analyst at LKP Securities.  

Nifty remained volatile during the day before closing with a green candle formation. On the lower end, 15650-15700 has remained a good support for the near term. The momentum indicator RSI is in bullish crossover and rising. The trend looks positive as long as the index sustains above 15650. On the higher end, 15900-16000 may continue to act as resistance. 

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

The Nifty managed to post a positive daily close on June 28, despite of a gap down opening. On the downside, the selling pressure was absorbed near the key hourly moving averages. Thus the index witnessed a brief consolidation near 15700-15800 throughout the day & took a leap on the upside towards the end of the session. The hourly chart shows that the Nifty is moving up in an upward sloping channel & can test the upper channel line near 16000. On the downside, 15700-15600 will act as a crucial support zone, which will provide cushion on the downside.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services 

There are many headwinds for the recent rally to sustain.  FIIs will continue to sell at rallies. Therefore, investors need not rush in to buy the dips, particularly in mid-and small-caps. Systematic calibrated buying in high-quality large-caps would be a better strategy now. 

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)