The Indian Stock Markets on Tuesday opened with heavy gains despite mixed global cues. GIFT Nifty had given a positive cues to the markets while the Asian markets struggled for direction ahead of central bank decisions in the US and Japan. Gift Nifty was trading at 23,521, up 77 points, or 0.33 percent, from Monday's close, and about 66 points, or 0.28 percent, above its Friday close. Soon after the opening of the markets, Sensex was up by 432.38 points or 0.58% at 75,214.14 while the Nifty was at 23,518.90, up by 120.80 points or 0.52%. Shares of the HDFC Bank spiked by 3 percent in the early trade emerging among the top gainers on the Nifty 50. The stock's performance came after the lender formally moved ahead with its CEO succession process by submitting two candidates to the Reserve Bank of India (RBI). The Crude Oil prices remained elevated on Tuesday, with Brent crude hovering near $107 a barrel as a pipeline outage in Saudi Arabia added to concerns. Brent crude futures were up $3.21, or 3.1%, to $107.82 per barrel, having hit a session high of $108.65. U.S. WTI futures gained $2.77, or 2.8%, to $102.82. Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited said, “Global equity markets will be under pressure from the U.S. 10-year yield hitting the psychological 5% mark. The macro scenario will continue to be under pressure from the rising crude price. Brent crude at $107 and the damage caused to the Saudi East-West oil pipeline from the Houthi attack will continue to weigh on markets. This is a scenario which the Fed cannot ignore in the FOMC meeting tomorrow. Even though President Trump doesn’t want a rate hike, his appointee Kevin Warsh is most likely to hike rate by 25 bp because it would be difficult to justify a hold in rates in the present macro scenario." "A positive for the Indian market is that there is clarity emerging on the choice of HDFC Bank MD and CEO. A quick acceptance of the name of the successor by the RBI can influence the benchmark index significantly. The continuing boom in the IPO market and outperformance of the broader market are positives." Get Latest News live on Times Now along with Breaking News and Top Headlines from Business, Companies and around the world. Vikas Kumar is Deputy Editor (Business) at Times Now driving coverage across policy, economy and markets. He possesses nearly a decade of experience i... View More