The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,028 level, a premium of nearly 50 points from the Nifty futures’ previous close.

In the broader market, both the BSE Midcap and Smallcap indices outperformed the benchmarks, rising 0.7 percent each.

BSE Sensex was trading 368.91 points or 0.49 per cent higher at 75,735.08. Nifty was trading at 22,923.60, down 94.45 points or 0.41 per cent. The gains were led by banking names.

Support for the benchmark Nifty-50 index is placed at 22786, while immediate resistance is seen at 23137 followed by 23347, said experts

On Monday, Nvidia suffered a loss of $589 billion, the largest in histore, driven by the rise of China's AI app DeepSeek on Apple's app store.