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Global benchmarks Nifty 50 and Sensex are likely to see a flat start on the bourses on Tuesday, April 29, while the automobile pack might see some cheer in trade, as U.S. President Trump's administration indicated the impact of tariffs on the sector shall be reduced.

President Donald Trump's administration will move to reduce the impact of his automotive tariffs by alleviating some duties imposed on foreign parts in domestically manufactured cars and keeping tariffs on cars made abroad from piling on top of other ones, officials said.

"President Trump is building an important partnership with both the domestic automakers and our great American workers," Commerce Secretary Howard Lutnick said in a statement from the White House.

At 7.40 am, the GIFT Nifty index eked out minor gains of 20 points, indicating a tepid start on the bourses.

Overnight, the S&P 500 and the Dow ended in positive territory at the conclusion of a choppy session on Monday, and gold advanced as investors looked for signs of progress in tariff negotiations at the top of an eventful week of corporate earnings and economic data.

The Dow Jones Industrial Average rose 0.28percet, the S&P 500 rose 0.06 percent and the Nasdaq Composite fell 0.10 percent.

Asian stocks had a cautious open as investors awaited a slew of corporate earnings and economic data this week that will give an early indication of the impacts from President Donald Trump’s tariff war.

In the previous session, the Sensex was up 1,005.84 points or 1.27 percent at 80,218.37, and the Nifty was up 289.15 points or 1.20 percent at 24,328.50. The Nifty reclaimed the 24,300 level and reached an intraday high of 24,354 before encountering some profit booking near the peak.

The market breadth remained positive, with mid and small-cap stocks showing strong participation. The broader indices posted gains in the range of 0.89 percent to 1.60 percent. On the sectoral front, all key sectors, barring IT, participated in the rally, with pharma, energy, and auto emerging as the top gainers.

"Key support for the Nifty lies at 24,100–24,000, and any pullback into this zone could attract buyers. A sustained close above 24,400 is crucial for confirming the continuation of the bullish trend. On the downside, immediate support around 23,900 should hold to maintain the positive momentum," said Mandar Bhojane, Research Analyst, Choice Broking.

The overall market sentiment remains optimistic, and traders are advised to manage risk near resistance levels while watching for a clear breakout.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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