Indian equity markets maintained their positive momentum in mid-day trading on Tuesday, with the benchmark Sensex trading 217.30 points or 0.28 per cent higher at 76,716.93. The broader Nifty50 index gained 46.85 points or 0.2 per cent to trade at 23,222.90, supported by strong buying in power and auto stocks.

The market breadth remained positive with 2,382 stocks advancing, compared to 1,401 declines on the BSE, while 138 stocks remained unchanged. The trading session saw 75 stocks hitting their 52-week highs, while 71 touched their 52-week lows. Circuit filters were triggered for 440 stocks, with 206 hitting the upper circuit and 234 touching the lower circuit.

Power and auto stocks led the gains, with Trent emerging the top gainer on the NSE, surging 4.59 per cent. Power Grid and NTPC followed with gains of 3.86 per cent and 3.77 per cent, respectively. Auto major Maruti Suzuki advanced 2.52 per cent, while Coal India added 2.44 per cent.

However, financial stocks witnessed selling pressure, with Mahindra & Mahindra leading the losers’ pack, declining 2.61 per cent. Banking stocks also faced headwinds as Axis Bank fell 2.43 per cent. HDFC Life, Bajaj Finance, and Bajaj Finserv dropped 2.34 per cent, 2.28 per cent, and 2.19 per cent, respectively.

The broader market indices outperformed the benchmarks, with the Nifty Next 50 gaining 1.13 per cent and the Nifty Midcap Select rising 1.36 per cent. The banking sector showed a mixed performance as the Nifty Bank index added 0.28 per cent, while the Nifty Financial Services index slipped marginally by 0.08 per cent.

Market analysts remain cautious about the near-term outlook. “FIIs have offloaded ₹26,250.30 crore, while DIIs have absorbed ₹32,281.94 crore worth of shares in January. The current market situation offers lucrative opportunities for those seeking value stocks,” said VLA Ambala, Co-Founder of Stock Market Today.

Looking ahead, traders are monitoring key technical levels. “Nifty could find support between 23,110 and 23,010, with resistance between 23,290 and 23,350 in the next session,” Ambala added, suggesting a sell-on-rise approach given the potential for price corrections indicated by Nifty’s RSI.

With the Union Budget approaching in three weeks, market participants are anticipating increased allocations in sectors such as Pharma (R&D), Green Energy, Logistics, and Ports, similar to last year’s health budget boost of 12 per cent.