Domestic equity market ended today's session flat, marking the second straight day of consolidation in the New Year, ahead of the corporate result season scheduled to kickoff later this month. The 30-share Sensex ended 0.49 points or zero per cent lower at 33,812.26 today and the Nifty50 closed at 10,442.20 today, up by 6.65 points or +0.06 per cent.
In a lacklustre trading day, the benchmark indices settled flat despite positive global cues as crude prices strengthened. Meanwhile, factory activity expanded at the fastest pace in five years in December, a private sector survey showed today, buoyed by a rise in output and new orders, which allowed firms to raise prices. Today's data firms up views that business in Asia's third-largest economy continues to recover but also highlights risks that rising price pressures will keep the RBI from slashing interest rates further.
The Nifty50 opened in the positive today but could not hold the morning gains and finally closed on a flat note. In the process, it formed a bearish candle that resembled a Hammer pattern on the daily chart. It was the first session in last seven when the index failed to cross the 10,500 mark in intraday trade. However, the index held the 10,400 mark tightly. Now, it has to hold above 10,450 to see a bounce towards 10,500 and then 10,550 levels, while on the downside, supports are seen at the 10,400 level.