The benchmark equity indices ended Wednesday’s trading session in positive territory. The NSE Nifty 50 gained 203.60 points or 0.95% to settle at 21,725.70 points. While S&P BSE Sensex closed 612.21 points higher or 0.86% to settle at 71,752.11 points. The sectoral-indice Nifty Bank gained 629.05 points or 1.39% to settle at 45,996.80 points.
On the sectoral front, Bank, Healthcare, and Pharma stocks pushed the indices higher. The broader indices also ended in the green, with smallcap stocks gaining the most.
The gainers include Dr Reddy’s Laboratories, Eicher Motors, Divi’s Laboratory, Sun Pharmaceuticals, and Tata Motors. The Indian Volatility Index (India VIX) closed 0.37% lower.
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“The Nifty opened marginally in the red and as the day progressed it witnessed buying interest and closed the day in the green up ~200 points. On the daily charts, we can observe that the Nifty is broadly trading within the range of 21100 – 21800 since the past nine trading sessions. The Nifty has been trading in a volatile manner within this broad range. The momentum setup is providing a divergent signal as both daily and hourly momentum indicators have a negative crossover but prices are moving higher. Under such a situation when the price and momentum indicator are not in sync it generally leads to a range bound move. Considering the event of interim budget volatility is likely to continue. Key support levels are 21550 – 21500 while immediate hurdle zone is placed at 21850 – 21900,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
Bank Nifty witnessed a sharp surge during the day and marched towards 46000. On the upside it is approaching key hurdles placed in the range 46370 – 46640 where the key daily moving averages are placed. Thus, the current rally can extend towards this zone from a couple of days perspective. On the downside, 45200 shall act as a crucial support zone, said Gedia.
“A positive build-up was reflected in Indian markets prior to the interim budget, although expectations are low, the market anticipates a lower fiscal deficit supported by buoyant tax revenues. The overall trend in the market is akin to a seesaw, and the buy-on-dips strategy is effective as of now. The pharma sector stood out with a positive earnings outlook. Global market cues are mixed ahead of the FOMC meeting, and US 10-year yields were marginally down. An immediate rate cut seems improbable, but indications about the future trajectory could ease volatility,” said Vinod Nair, head of research at Geojit Financial Services.
