The Indian equity benchmark indices opened higher on Tuesday following largely positive global markets. The Sensex opened 0.2 percent or 120 points higher at 61,430. Nifty50 index opened higher at 18,337 -- up 30 points or 0.16 percent.

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The broader market indices were trading almost half a percent higher. Among the sectoral gauges, FMCG, IT, media, metal, pharma, and auto indices were under selling pressure, and banks and realty indices were in the green.

Bluechips leading the gains on the Nifty50 index were Bajaj Finance, Sun Pharma, BPCL, IOC, and Axis Bank. Leading the losses were Eicher Motors, Maruti, UltraTech Cement, Grasim, and Tata Steel.

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Globally, Asian shares were mostly higher on Tuesday even as global investor attention remains fixed on the prospect of US interest rate hikes in the next few months, after two years of unprecedented pandemic-induced policy easing.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 percent. The index is up over 1 percent so far this month. Australian shares were up 0.3 percent, while in China the blue chip CSI300 Index rose 0.33 percent. Japan's Nikkei was trading over half a percent higher ahead of the Bank of Japan's decision later today.

The Japanese central bank is not expected to change its ultra-low rates stance but its inflation forecasts are likely to be increased for 2022.

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Over on Wall Street, the market was closed overnight for the Martin Luther King Jr. holiday. The US Federal Reserve is due to meet Jan. 25-26 and while it is not expected to shift rates then, a growing number of investors think March will be the start of a tightening cycle. Rate rises are generally seen as negative for riskier assets such as equities.

In Asian cash market trading Tuesday, the two-year yields rose above 1 percent for the first time since February 2020.

Over in commodities, the US crude ticked up half a percent to $84.23 a barrel. Brent crude rose to $86.53 per barrel. Gold was slightly lower. Spot gold traded at $1,818.2274 per ounce.

(With inputs from Reuters)

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