Nifty climbs 1.6% as crude prices fall and foreign funds flow in

India's benchmark Nifty extended its rally for a fourth straight session on Tuesday, gaining 1.6% to finish at 23,810. The advance was underpinned by easing crude oil prices, steady foreign portfolio investor purchases and optimism about a possible review of long-term capital gains tax for overseas investors. Analysts said the market is likely to consolidate with a positive bias after a 4.3% rise over the past four sessions.

The GIFT Nifty, which trades on the NSE International Exchange, opened lower, slipping 0.21% to 23,710, suggesting a modestly negative start for the domestic market on Wednesday. Technical outlooks pointed to 24,000 as the next resistance level, with the 200-day moving average nearby, while support was identified around 23,600.

India VIX, a gauge of market volatility, rose 1.4% to settle at 15.72. The rupee appreciated by nine paise, ending at 94.75 per U.S. dollar, aided by foreign fund inflows and strong equity buying.

Foreign portfolio investors net bought shares worth Rs 6,836 crore, whereas domestic institutional investors were net sellers of Rs 3,679 crore. In broader Asian markets, most indices edged lower, while U.S. futures showed mixed movement ahead of midterm election results.