Benchmark indices continued to rally today, as Sensex and Nifty ended on a positive note for a third consecutive session on rise in shares of IT and banking sectors. The BSE Sensex added 205.49 points at 33,455.79 today, up +0.62 per cent and the Nifty50 closed the day at 10,322.25 today, up 56.60 points or +0.55 per cent with 33 advances and 17 declines for the Nifty50. Today, all the sectoral indices on the NSE traded in the green, with the IT and PSU banking indices registering gains of over +1 per cent.
Benchmark indices ended higher today, tracking Asian peers that climbed on positive US payrolls and Chinese trade data, with investors continuing to bet on a possible win for the country's ruling party BJP in a Gujarat election. A victory would help boost the government's re-election prospects during general elections in 2019 and reinforce its reform agenda. The margin of win is more important than the win itself, which has already been factored into the market.
The Nifty50 made a small bullish candle today on the daily chart and crossed the 10,300 level for the first time this month. The index rose for a third straight session and made a higher top higher bottom formation on the daily chart for the same period. It has also recovered most of the losses made in the previous swing low from 10,409 to 10,033 levels. Now, it has to continue to hold above 10,250 zones to extend its upmove towards 10,409 then 10,490 levels, while on the downside supports are seen at 10,178 then 10,150.