BSE Sensex closed higher by 141.27 points, or 0.42% higher, to end at 33,844.86 today, while the Nifty 50 gained 37.05 points, or 0.36%, to close at 10,397.45 today. Among the 50 stocks in the Nifty50 index, 29 settled in the green, while 21 in the red. The benchmark indices ended firm today ahead of the expiry of derivative contracts for February series tomorrow.
Despite getting a better than expected start to the trade, Indian equity market failed to capitalise on the positive opening today. The Nifty pared all of its opening gains and remained lackluster for major part of the session. It was only in the last hour that saw some minor upsides. A fresh fall in the rupee against the dollar and Nassom's positive outlook for the IT sector, boosted tech stocks. We expect volatile trading tomorrow, as the expiry has coincided with the market attempting to find base at the current levels.
The Nifty50 snapped a three-day losing streak today, but could not breach the 10,400 mark on a closing basis. The opening level for the index became the intraday high for the day, as Nifty tested the sub-10,350 level in intraday trade before ending the day in the green. The NSE barometer formed a 'Hammer' pattern on the daily chart. Now, if it manages to hold above 10,430, then a short-term bounce could take it to 10,480 and 10,500 levels, while a slip below 10,350 could extend its weakness towards 10,300 and 10,276 levels.