Benchmark indices Sensex and Nifty continued its winning streak for the second consecutive day as oil prices cooled off, signaling containment of Iran-Israel conflict. However, analysts expect the bearish bias to weigh markets in the near-term as elevated US bond yields can trigger foreign outflows.

The Sensex was up 500.60 points or 0.68 percent at 73,588.93, and the Nifty was up 173.80 points or 0.78 percent at 22,320.80. The market breadth was in favor of gainers as around 2,372 shares advanced, 998 shares declined, and 117 shares unchanged.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services believes the market to be weighed by US bond yields that continues to hover around 4.6 percent. This can trigger further selling by foreign institutional investors (FIIs), he said.

At this time of uncertainity, 22,000-mark holds a major support for Nifty, said Sameet Chavan, Head Research, Technical and Derivative - Angel One. "On the higher end, 22,300 is the resistance for Nifty and an authoritative breakthrough of 22,430-22,500 can re-strengthen the bullish momentum," he added.

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