Domestic equity markets ended the second session on a flat note on Saturday, alike the first phase. The BSE's barometer Sensex rose 88.91 points, or 0.12 per cent to 74,005.94-mark. NSE's Nifty50 gained 35.90 points, or 0.16 per cent, to 22,502.00. Broader markets continued to outperform as the BSE midcap index rose about half a per cent per cent, while the BSE Smallcap index gained 0.8 per cent for the day.
Exchanges conducted a special trading activity with specific timings on May 18 in the equity and equity derivatives segments to evaluate their disaster preparedness in case of any major disruption.
In the Nifty50 pack, Nestle India was the top gainer, rising more than 2.23 per cent, while Power Grid, Tata Motors, Adani Ports and Hindalco added about a per cent each. On the downside, JSW Steel tumbled 1.8 per cent, while Mahindra & Mahindra, Ultratech Cement and LTIMindTree were other key laggards.
The Nifty remains within the channel, closing above 22,500 for the first time in several days. However, a small bodied candle on the daily chart suggests very little about the future direction of the price, said Rupak De, Senior Technical Analyst, LKP Securities.
"Heavy writing is visible in both CALL and PUT at the 22,500 strike, indicating a sense of inflection. Therefore, traders need to be watchful in the initial hour to confirm any directional move. Support is visible at 22,400. On the higher end, a sustained move can take the index towards 22,600 and higher in the short term," he said.
The special session was be divided into two parts. The first session began at 9:15 am and ended at 10 am, following a 15-minute pre-opening trade from 9.00 am to 9.15 am. Trading in this session would be done from the primary site.
The second session is from the disaster recovery site and trading shall be held 11:30 am and 12.30 pm, following a pre-opening session from 11.15 am to 11.30 am. However, the post-close order closing and modifications will be allowed till 1:00 PM.
During the trading session on May 18, all securities, including those with derivative products, had a maximum price band of 5 per cent. Securities already in the 2 per cent or lower price band will retain their respective bands. Price bands of 5 per cent will be applicable on all close ended Mutual Funds (MFs).