The Nifty50 settled 108.35 points, or 1.04 per cent, up at 10,491.05 today, while the Sensex added 322.65 points, or 0.95 per cent, to end at 34,142.15 today. Sustained buying in metal, pharma, bank and financial stocks amid positive global cues boosted domestic equity market today. Among the 50 stocks in the Nifty50 index, 43 settled in the green, while only 7 were in the red.
Key benchmark indices Sensex and Nifty closed higher, as worries over aggressive rate hikes by the US Federal Reserve eased, while a fresh fall in the US bond yields also helped. Markets recovered strongly on the first day of new F&O expiry, providing much needed breather. Almost all the sectors participated in the move. Experts, however, believe that this bounce was largely due to the oversold positions and this is just a relief rally and sustainability at higher level would be difficult. Nifty has strong hurdle at 10,600.
The Nifty50 opened positive and witnessed sustain buying interest till the end of the session. It rallied more than 100 points from 10,400 to 10,500 zones by surpassing its immediate hurdle at 10,430 mark. The index formed a Bullish candle on the daily scale and a Dragonfly Doji on the weekly chart. This indicates that bulls are back in the market after the decline of last three weeks. Now, it has to continue to hold above 10,430 zones to extend its move towards 10,550 and then 10,620 levels. While on the downside, supports are seen at 10,400 and 10,333 levels.