Indian equity benchmarks Sensex and Nifty are likely to begin Tuesday's trading session on a positive note, reflecting firm cues from GIFT Nifty and a strong overnight rally in US markets. At around 8:00 am, GIFT Nifty was trading 53 points, or 0.22 percent, higher at 24,545, indicating a positive start for domestic equities.

The upbeat opening follows a strong performance in the previous trading session, where Indian markets extended their winning streak to a fourth consecutive day. On July 6, the Sensex gained 521.16 points, or 0.67 percent, to close at 78,285.07, while the Nifty advanced 159.50 points, or 0.66 percent, to settle at 24,430.35.

Global market cues remained mixed. Wall Street closed higher overnight, led by technology stocks amid growing optimism over second-quarter earnings driven by sustained investment in artificial intelligence infrastructure. The Nasdaq Composite rose 1.12 percent, the S&P 500 gained 0.72 percent, and the Dow Jones Industrial Average added 0.29 percent. Semiconductor stocks, including major AI-related companies, continued to benefit from expectations of robust technology spending.

In contrast, Asian equity markets traded lower despite strong earnings guidance from Samsung Electronics. Investors booked profits across the region, with MSCI's Asia-Pacific index excluding Japan declining 0.73 percent. Japan's Nikkei fell 1.08 percent, while South Korea's Kospi also traded lower. US equity futures were marginally weaker during early Asian trading, indicating a cautious global sentiment.

Crude oil prices edged higher but remained well below the levels seen during the recent Middle East conflict, easing concerns over imported inflation. Brent crude traded around $72.3 per barrel, while West Texas Intermediate crude hovered near $68.8 per barrel, providing continued support to India's macroeconomic outlook as a major oil-importing nation.

Institutional flows remained supportive for domestic equities. Foreign Institutional Investors (FIIs) were net buyers for the second consecutive session on July 6, purchasing equities worth Rs 243 crore. Domestic Institutional Investors (DIIs) continued their strong participation, with net investments of Rs 3,791 crore.

According to market experts, easing geopolitical tensions, softer-than-expected US labour market data, and sustained domestic institutional buying have improved overall investor sentiment. They also noted that stable crude oil prices remain favourable for India, although pressure on the rupee continues to warrant close monitoring.

From a technical perspective, the Nifty continues to maintain a positive trend after sustaining above the 24,400 level. Analysts expect immediate resistance in the 24,450 to 24,500 range, with a sustained breakout potentially paving the way towards 24,600. On the downside, 24,200 remains the first key support, followed by the important 24,000 level.