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Benchmark indices began the day with a sharp gap down but managed to recover most of the losses to end flat.

The BSE Sensex, after hitting an intra-day low of 48,028 in early trade, closed at 48,718.52, down 63.84 points or 0.13%, and the Nifty was up 3 points, or 0.02%, at 14,634.

However, the breadth of the market was positive with 1,823 stocks advancing, 1,218 declining and 173 remaining unchanged on the BSE.

In the broader market space, the BSE Midcap index ended flat, while SmallCap index bucked the trend and rose 1.5%.

Throughout the session, markets were volatile after assembly election results of four states and one union territory.

Among sectors, metal index rose over 2% and FMCG index jumped 1%, while selling was seen in the banking and energy names.

More than 250 stocks, including Marico, Persistent Systems and NALCO, hit a fresh 52-week high on the BSE.

SBI Life, Bharti Airtel, Adani Ports, Tata Steel and Maruti were among the top gainers on the Nifty 50 while Titan, IndusInd Bank, Reliance, Axis Bank and BPCL were among the top laggards.

Vinod Nair, Head of Research at Geojit Financial Services said, “The domestic market bounced back from its early losses to trade flat owing to global cues and strong buying seen in FMCG and metal stocks. Financial stocks were the top laggards due to weak results of mid-sized banks & NBFCs while buying interest was seen in small-cap stocks. Investors were seen accumulating several large caps as well as high-quality midcaps across sectors.”

Here’s how experts see the markets trading tomorrow

Manish Shah, Founder, www.Niftytriggers.com

Nifty witnessed a reversal of sort from the low of the day. It has rallied by a close to 150 points from the low of the day.

Nifty is likely to push towards 15000-15050 over next couple of days.

Nifty has been playing down in a range between 15,050 on the higher side to around 14,250 on the lower side. The pattern of this range is a right angled descending triangle. Bollinger band width shows extreme contraction of volatility. Flip side is we do not know when will the breakout actually take place and the direction it will take.

Whenever Nifty manages to break above 15050-15000 expect to see an express move towards 15400 + in the days to come.Major support in Nifty is at 14250. Declines should be bought with this at the alarm exit point.

Rohit Singre, Senior Technical Analyst at LKP Securities:

Index opened a day with a strong gap down but managed to recover all day loses in the second half and closed a day at 14,634 with minimal loss & formed a bullish candle on daily chart.

The overall structure still looks cautious until trading below 14,800 zones. On the higher side, index has stiff hurdle at 14,720-14,800 zone, profit booking is suggested around said levels. Fresh breakout will be only above 14,800 zone and good supports are placed at 14,550-14,500 zone