Mumbai, July 7: Indian equity benchmark indices traded higher on Tuesday amid positive global cues and crude oil prices hovering around the $70-a-barrel mark.

Sensex jumped as much as 0.27 per cent or over 200 points to hit an intraday high of 78,504 in early trade, while Nifty was trading around 60 points or 0.23 per cent higher at 24,488.

Sectorally, IT, banking and financial stocks led the gains. Nifty IT rose 1.28 per cent, followed by Nifty PSU Bank which gained 0.45 per cent.

In contrast, Nifty Metal was the worst performer, falling 0.86 per cent, followed by Nifty Media, which declined 0.38 per cent. Nifty Chemicals and Nifty FMCG slipped up to 0.30 per cent.

Among the Nifty stocks, Trent was the biggest loser, plunging 8.81 per cent, followed by Bharat Electronics (BEL) and Larsen & Toubro (L&T), which declined about 1 per cent each. Meanwhile, InterGlobe Aviation (IndiGo) fell 0.88 per cent, while Coal India slipped 0.84 per cent.

According to market experts, there are distinct signs of an uptrend in the market.

They noted that two factors weighing on Indian markets — the crude price hike and sustained FPI selling — are now behind us and have reversed. Crude prices are back to their pre-war levels, while FPIs have turned buyers. Although FPI buying is not yet a strong trend, the fact that foreign investors have stopped selling and turned buyers marks a significant shift that is likely to be sustained, supported by strong fundamentals.

Technically, the Nifty’s breakout above its 200-day exponential moving average (EMA) for the first time since February has strengthened the market’s bullish structure, according to analysts.

They expect the 24,600 level to act as the immediate resistance, with a sustained move above it potentially paving the way towards 24,800, while the 24,400-24,300 zone is likely to provide near-term support.

International benchmark Brent crude rose about 1 per cent to $72.77 a barrel. Similarly, US West Texas Intermediate (WTI) crude gained 1.12 per cent to $69.32 a barrel.

Meta-backed messaging platform WhatsApp has assured the Indian government it will not roll out its proposed username feature in the country until ongoing consultations with authorities are completed, sources familiar with the matter said.

The Meta‑owned messaging platform has also been granted an additional three days to respond to the government notice seeking clarification on the feature. The original deadline for WhatsApp’s reply had lapsed on Friday.

WhatsApp had proposed a username option which would allow users to communicate on WhatsApp without sharing their phone numbers.

The Central government issued a formal notice last week expressing concerns that such a move could heighten risks of online fraud, phishing and impersonation. The government asked WhatsApp to keep the feature on hold until discussions address its security and consumer‑protection concerns, and a Meta delegation met officials from the Ministry of Electronics and Information Technology on Friday to discuss the matter.

Earlier this week, WhatsApp reiterated that several safeguards have been built into the username feature to prevent impersonation, scams and unwanted contact as it prepares for a wider rollout later this year.

The messaging platform addressed a series of frequently asked questions on microblogging platform X after concerns were raised over the feature, including by the government, which has asked the company to defer its rollout in the country pending consultations.

The company said users will not be required to create a username and that existing Instagram and Facebook usernames, along with those of public figures, celebrities, government entities and Meta Verified accounts, have been reserved so they can only be claimed by their legitimate owners.

Indian equity benchmarks extended their winning streak to a fourth consecutive session on Monday, supported by strong buying in realty, auto, oil and gas stocks.

The Nifty closed 159.50 points, or 0.66 per cent, higher at 24,430.35, while the Sensex advanced 521.16 points, or 0.67 per cent, to settle at 78,285.07.

Commenting on Nifty technical outlook, experts said that the 24,500–24,600 zone will remain a crucial region to watch in the upcoming sessions, as a decisive move above this band could confirm the continuation of the ongoing bullish trend.

“On the downside, the 24,200 level is expected to act as immediate support in case of any profit booking, followed by the 24,000 psychological zone, which remains the crucial zone,” an analyst said.

Among the Nifty constituents, HDFC Bank, Hindalco Industries and Oil and Natural Gas Corporation (ONGC) emerged as the top gainers, helping lift the benchmark indices.

The broader market also ended on a positive note. The Nifty MidCap index gained 0.45 per cent, while the Nifty SmallCap index outperformed with a 0.75 per cent rise.

Sectoral indices largely traded in the green, with the Nifty Realty index leading the gains and closing at a six-month high. The Nifty Auto index climbed to its highest level in a month, while the Nifty Oil and Gas and Nifty Consumer Durables indices also posted strong gains.

Experts said that the day’s rally marked the fourth straight session of gains for the benchmark indices, with sustained buying across rate-sensitive and cyclical sectors underpinning market sentiment.

“Market sentiment remains positive, supported by the decline in the India VIX, which reflects improving investor confidence,” an analyst stated.

“The rally was broad-based, with real estate, oil & gas, automobiles and consumer durables emerging as the top-performing sectors, each advancing around 1 per cent during the session, as buying interest remained widespread across the market,” as per the expert.