Broader markets are in a bullish trend. Nifty Midcap 100 index is up 248 points or 0.47 per cent at 53,483 and Nifty Smallcap 100 is up 71 points or 0.41 per cent at 17,546.

India VIX, an indicator of market volatility, fell 3.72 percent to 15.78 points.

Among the sector indices, Auto, IT, FMCG, Metal, Realty and FMCG were on top. Fin service and bank heads are lagging behind.

L&T, M&M, Tech Mahindra, Nestle, UltraTech Cement, Tata Steel, Sun Pharma, Titan and HCL Tech were among the gainers. However, Kotak Mahindra Bank, Asian Paints, JSW Steel and ICICI Bank are the top losers.

Asian markets are trading in a limited range. There is a slight rise in the markets of Tokyo, Jakarta and Bangkok. At the same time, Hong Kong and Shanghai are in red mark. On Monday, American markets closed in the green.

According to market experts, "A strong pillar of support for this bullish market has been the mutual fund industry, which is witnessing sustained inflows. Net inflows into equity funds stood at Rs 34,697 crore in May and monthly SIP inflows stood at Rs 20,904 crore in May." There are indications of reaching Rs. This domestic support for the market will continue despite selling by FIIs.

"By retaining key departments, BJP signals continuity in government policies. From a market perspective, this is a positive sign," he said.