In the special trading session on May 18, Indian equity indices wrapped up on a positive note. The Nifty 50 edged up by 36 points or 0.16%, closing the day’s trading at 22,502, while the Sensex made a modest gain of 89 points or 0.12%, settling at 74,006. Notable gainers included Nestle India, Power Grid Corp, Tata Motors, Hindalco, and ONGC. The volatility index also saw an uptick of 3.64%.

Sector-wise, the Nifty Midcap 100 hit a record high of 51,916.45 and concluded the session with a rise of 264.35 points or 0.51% at 51,869.25. Conversely, the Nifty Bank saw a marginal dip of 83.85 points or 0.17%, closing at 48,199.50. Media and real estate sectors spearheaded the upward movement in sectoral indices, while small-cap and mid-cap stocks demonstrated strength in the broader market.

Ajit Mishra, Senior Vice President of Research at Religare Broking, commented on the day’s trading, noting a subdued but marginally positive performance in benchmark indices. Mishra highlighted the mixed performance across sectors, with realty and pharma sectors making modest gains while banking and financial sectors lagged. He emphasized the buoyancy in the broader market, with mid-cap and small-cap indices showing gains ranging from 0.4% to 0.8%.

Addressing the technical aspect, Rupak De, Senior Technical Analyst at LKP Securities, observed significant activity at the 22,500 strike for both CALL and PUT options, suggesting a pivotal point. De advised vigilance in the initial trading hour to confirm any directional movement, with support noted at 22,400. He further indicated the potential for the index to move towards 22,600 and beyond in the short term with sustained momentum.