Benchmark indices close marginally higher ahead of the Budget

BSE Sensex up by 49.49 points, or 0.08 per cent, at 59,549.90, while Nifty 50 was at 17,662.15, up 13.20 points, or 0.07per cent.

During the day, Sensex hit a high of 59,787.63 and a low of 59,104.59.

Meanwhile, the Nifty Bank index rose by 0.66 per cent to 40,665.05.

“Nifty was trending in the range for the whole January series from 18,200 to 17,800 levels. On the monthly expiry day, Nifty slumped in a terrifying session and ended way below psychological 18,000 mark to close the series at 17,892. The level of 17,800, which is the 50% retracement support of recent up move is still intact and acting as an anchor point for the index,” said Rohan Patil, Technical Analyst, SAMCO Securities

“The benchmark Index in January expiry has made a couple of attempts to breach 17,800 – 17,780 levels but was not successful as prices were continuously finding support near that zone. Nifty on the weekly chart is placed between a broader high-low range of 18,200 -17,800 levels from the past 5 weeks. Furthermore, the price is also trapped between the 9 & 21 EMA bands which suggest a break on either side will decide further directional move in the index,” he added.

State Bank of India, M&M, UltraTech Cement, Adani Ports and Adani Enterprises were among the top Nifty gainers, while Bajaj Finance, TCS, Tech Mahindra, Britannia industries and Sun Pharma were the biggest losers.

Twenty-four of the Nifty 50 constituents advanced while 25 declined.

“Following a positive start, the Nifty remained volatile within a small band. The sentiment, however, remained a bit weak, favouring the sell-on-rally approach. The current trend may remain intact as long as it remains below 17,800. On the lower end, support is visible at 17,400. Over the near term, the Nifty will remain in a broader range of 17,400–17,800. Any breakout on either side is likely to create a directional movement in the market,” said Rupak De, Senior Technical Analyst at LKP Securities.

From the Sensex pack, Mahindra & Mahindra, UltraTech Cement, Power Grid, State Bank of India, ITC, Titan, Tata Motors and ICICI Bank were among the major winners.

Tata Consultancy Services, Bajaj Finance, Tech Mahindra, Asian Paints and HDFC were among the major laggards.

The rupee depreciated by 41 paise to close at 81.93 (provisional) against the US dollar on Tuesday

Foreign Institutional Investors (FIIs) offloaded shares worth a net ₹6,792.80 crore on Monday, according to exchange data.

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