Stock market today: Sensex, Nifty 50 end volatile session with minor gains; bank stocks drive uptick

Although the market began Thursday’s session on a flat note in the last few hours it managed to recover. Since today was the final day of the monthly expiry, the volatility in the trade persisted.

The 30-share BSE Sensex ended higher by 195.42 points or 0.27% at 72,500.30 level while the Nifty 50 closed at 21,982.80 level, up 31.65 points or 0.14%. The benchmark indices were modestly outperformed by the broader market at the close. The Nifty Small Cap 100 gained 0.64% and the Nifty Midcap 100 indexes was down by 0.51%.

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According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, post yesterday’s sell-off, the Nifty 50 reached key support around 21,875–21,850, and witnessed some consolidation around here. These support acted as a trigger point of bounce last Thursday and remains a key point. 

If these levels are broken, then we are likely to see the March series starting on a negative note, likely headed towards 21,500 on the flip side, 22,100 – 22,150 crossing is a daunting task, explained Bhosale.

Further, market experts believe that, with a week full of important economic data approaching, investors took a cautious wait and watch stance during Thursday’s trading.

“India Q3 GDP has a moderate outlook on a QoQ basis. Fed’s preferred gauge; the US personal consumption expenditure (PCE) price index is due to provide a clue on the future interest rate cut path and China’s PMI index is scheduled to be released Friday,” said Vinod Nair, Head of Research, Geojit Financial Services.

(more to come

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Published: 29 Feb 2024, 03:30 PM IST