The domestic equity market ended little changed with a positive bias today as a mixed bag of quarterly numbers kept equities rangebound. The BSE Sensex gained 63.63 points or +0.19 per cent to close at 33,314.56 today, and the Nifty50 closed the session at 10,321.75 today, up 12.80 points or +0.12 per cent, with 22 of the 50 components ending in the green and 28 in the red. Weak global sentiment coupled with political tensions in West Asia and lack of fresh market triggers back home restricted the domestic equity indices to rangebound trade today.
The benchmark indices ended positive today after index heavyweight SBI rallied +6% post its September quarter numbers. Gains were, however, capped as refiners such as Reliance Industries tumbled after oil prices gained overnight and Tata Motors slipped after the auto major said its British unit faced intensifying competition. Investors also took cues from the Goods & Services Tax (GST) Council meeting. The Council decided to trim the 28% slab to just 50 items, as against 227 items currently. High-end items, including automobiles, washing machine, refrigerator, sin goods like paan masala and cigar are among these 50 items. This is the biggest reduction seen since the GST implementation on July 1.
NSE barometer Nifty50 saw a sharp rebound in the last half-an-hour of trade to settle slightly higher today after remaining in the negative terrain for most of the session. Analysts said it might mean the bulls are trying to get a foothold in the market. The index formed a Hammer-like pattern on the daily chart and now faces immediate resistance at the 10,378 level, while it will have support near the 10,270-40 range. Broadly, a close above 10,400 or a fall below 10,200 would be the trend-decider for next week, analysts said.