The market closed with gains in a day of high volatility. The Sensex notched up 60.19 points, or 0.18 per cent, at 33,940.44, while the Nifty-50 rose 14.90 points, or 0.14 per cent, to settle at 10,417.15 points.

The BSE Mid-Cap Index underperformed the Sensex by falling  0.19 per cent while the BSE Small-Cap ended marginally higher. Among the sectoral indices on the BSE, Consumer Durables (up 1.02 per cent), Metal (1.62 per cent) and Teck (1.19 per cent) outperformed the Sensex.

Technical view

Sameet Chavan, chief analyst-technical & derivatives, Angel Broking, said: “The index seems a bit tired and does not have the similar sort of strength we saw in the last couple of weeks. This is quite evident as it has entered a strong resistance zone of 10,400-10,500. For the coming session, 10,350 would now be seen as a key support for the Nifty. A sustainable slide below this would apply brakes on the recent relief rally

Market view

VK Sharma, head-private client group & capital market strategy, HDFC Securities, said: Remarks from Chinese president Xi Jinping soothed concerns about a trade war that had rattled markets in recent weeks. Speaking at the Boao Forum, an annual economic summit, Mr Xi pledged Beijing’s commitment to further economic liberalisation as well as promising greater intellectual property protection and increased access to China’s financial and manufacturing sectors for foreign companies.

In the US, investors will get insights into current thinking of the FOMC members and the glide-path of interest rates this year– as the FOMC minutes of the March meeting is released later on Wednesday.

Oil prices edged higher, adding to steep gains in the previous session, as markets eyed an escalation of Middle East tensions after Europe’s air traffic control agency warned of possible air strikes on Syria in the next 72 hours. Hydro-carbon exploration and allied services companies are in demand.

The government may not allow them to pass on the higher petroleum prices in an election year to consumers and that has led to sharp de-rating of government oil marketing companies. For five days on the trot the Nifty closed in the green and is now poised to break past near-term resistances.

—Ashwin Punnen