The market closed with modest gains on Wednesday. The Sensex ended 266.80 points, or 0.75 per cent higher at 35,645.40 while the Nifty 50 rose 70 points, or 0.65 per cent, to settle at 10,769.90. The BSE Mid-Cap Index fell 0.17 per cent and the BSE Small-Cap Index rose 0.38 per cent. Both the indices underperformed the Sensex.
Among the sectoral indices on the BSE, Auto was up 1.31 per cent and Healthcare was up 0.80 per cent. The IT Index was down 0.60 per cent and Power was down 0.54 per cent.
Hindustan Unilever (up 2.03 per cent), HD-FC Bank (+1.57) and IndusInd Bank (+1.3-3t) were the major Sensex gainers, while NT-PC (down 1.64 per cen-t), Vedanta (-1.21), ONGC (-1.2) and Bharti Airtel (-1.01) were the major Sensex losers.
Jay Thakkar, CMT–head technical & derivatives research-AVP equity research, Anand Rathi Shares & Stock Brokers, said: “The Nifty closed well in the positive territory in the last trading session and it has as expected ly achieved our short-term target of 10770 levels. Now, in order to gain further momentum it needs to take off its previous swing resistance of 10,812 levels whereas on the lower side 10,670 is an immediate support, hence, the trading range for the index is 10,670-10,812. Above 10,812 it is likely to extend the rally towards 10,852-10,912 whereas below 10,672 it will slide till 10,600 levels “Sensex like the Nifty too closed in the positive territory but the index is still trading within that narrow range of 35,800-35,350. Above 35,800 levels it will zoom towards 36,000 levels whereas if it breaks 35,350 levels then it will slide towards 35,000 levels.”
Rahul Aggarwal, director, Wealth Discover, said, “The rupee continued to remain weak, closing down by almost 13 paise. On the energy front, oil prices edged up slightly on Wednesday following some reports of tightening fuel inventories in the US. Going forward into Thursday’s trading we expect the markets to remain volatile> In the absence of any new major financial data and a US holiday on the 4th we do not expect any major movements on either side.