Nifty50 closed 91.55 points, or 0.87 per cent, up to end at 10,582.60 today, while the 30-share Sensex settled 303.60 points, or 0.89 per cent, up at 34,445.75 today. Both the indices hit their respective highest levels since February 5, 2018. Among the 50 stocks in Nifty50 index, 38 closed the day in the green, while 12 stocks declined. Broader BSE Midcap and smallcap indices also closed higher.
The domestic equity indices gained for a second straight session to hit three-week high today on upbeat global cues and bargain hunting in select index majors. Domestic investors remained positive ahead of release of key macro numbers such as GDP numbers for December quarter as well as fiscal deficit and manufacturing data. GDP, fiscal deficit and IIP data are all due this truncated week. Holi falls on Friday.
The Nifty50 today opened in the positive and witnessed sustained buying throughout to settle above its 50-day EMA of 10,558, which proved strong resistance at least twice in recent times. The index formed a bullish candle for the third consecutive day, and formed higher high and higher low for the second session. The MACD indicator has also signalled a positive trend. It is important for the market to cross the resistance in the 10,640-10,650 zone with higher volume to ensure follow-up buying, else we may see a short-term correction towards 10,500 and then 10,430 levels.