The NSE Nifty 50 snapped its three-session fall and the BSE Sensex rose for the second consecutive day on Wednesday as traders await inflation data from the US later in the day and from India a day later. The gains were limited as Reliance Industries Ltd. and bank stocks weighed on them.
The Nifty ended 31.75 points or 0.13% higher at 24,641.8 and the Sensex closed 16.09 points or 0.02% up at 81,526.14. During the day, both the Nifty and Sensex had risen 0.3%.
The Nifty is oscillating in a tight range of 24,550–24,690 and a breakout on either side will provide a directional move to the market, according to Aditya Gaggar, director of Progressive Share Brokers Pvt.
The current market texture is non-directional and traders are perhaps waiting for a breakout in either direction, said Shrikant Chouhan, head of equity research at Kotak Securities.
"On the upside, if the market breaks above 24,700/81,700, it could rise to a range of 24,800–24,825/82,000–82,200. Conversely, a decline below 24,500/81,000 might lead to increased selling pressure. Below the same, it could retest the levels of 24,400–24,350/80,700–80,500," Chouhan said.
Shares of Infosys Ltd., Bajaj Finance Ltd., Trent Ltd., Bharti Airtel Ltd. and UltraTech Cement Ltd. contributed the most to the gains in the Nifty.
RIL, HDFC Bank Ltd., State Bank of India, ICICI Bank Ltd. and Axis Bank Ltd. capped the upside in the index.
Most sectoral indices on the National Stock Exchange rose, with the Nifty FMCG, Auto and IT rising the most.
The broader indices outperformed as the BSE MidCap ended 0.3% higher and the SmallCap rose 0.4%.
Seventeen out of the 21 sectoral indices on the BSE advanced, with Consumer Durables rising the most.
The market breadth was skewed in favour of the buyers as 2,144 stocks rose, 1,839 fell and 113 remained unchanged on the BSE.
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