Snapping its two-day losing streak, the domestic equity market ended today's session slightly in the green thanks to heavy buying in energy, banking and telecom stocks. The BSE Sensex gained 32.12 points or +0.10 per cent to close at 33,250.93 today, and the Nifty50 closed at 10,308.95 today, up 5.80 points or +0.06 per cent, with 25 out of 50 constituents ending in the green.
Benchmark indices ended flat as oil prices fell overnight after they hit a more than two-year high earlier in the week. Oil prices settled slightly lower on Wednesday after US government data showed rising domestic crude production, a surprise build in US stockpiles and a decline in monthly Chinese crude imports, a triple blow that was offset somewhat by rising tensions in the Middle East. Back home, GST (goods and services tax) Council is likely to slash the indirect tax rates on as many as 165 items at its meeting in Guwahati, which begins later today. At present, these 165 items attract 28% tax, which could be moved to the 18% category.
Today was the third consecutive session when the Nifty50's opening level proved to be the highest point of the day, and the index formed lower highs and lower lows. The index struggled to eventually secure a flat closing, forming a bearish candlestick pattern similar to a 'Hammer' on the daily chart. Some of the technical charts, including the MACD, have already generated sell signal, but we saw a late intraday recovery from the day's low. Now, the index may attempt to initially move up towards the 10,384 level, and thereafter towards 10,445. However, if it sustains below 10,300, weakness can be seen towards 10,250 and then 10,178 levels.