As markets in India and around the world reopen after the Christmas holiday, investors here are looking to ride the so-called Santa Clause rally driving Wall Street higher

Domestic markets fluctuated within a volatile range and closed mostly unchanged on Tuesday, taking a pause following Monday's recovery. Analysts suggest that the market is in a consolidation phase after the recent downturn and is currently hovering near the support level of its long-term moving average (200 DEMA).

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,800 level, a premium of nearly 30 points from the Nifty futures’ previous close.