The BSE Sensex marked its closure on a strong note on Wednesday (July 23), as the political doubt over N-deal came to an end after the UPA government won the trust vote of confidence on Tuesday (July 22).

Heavy buying action was seen in banking, capital goods, realty, and power stocks.

The Sensex closed the day on a firm note at 14,942.28, up 838.08 points. It also touched a high of 14,979.90 and a low of 14,568.22 during the day.

On the other hand, the broad-based NSE Nifty zoomed 236.70 points to mark its closure at 4,476.80 after hitting a high of 4,491.55 and a low of 4,246.70.

The overall market breadth was positive as it experienced 2,270 progressions as against 436 declinations.

The major contributors in the upward rally were Reliance Communications (12.20%), ICICI Bank (11.64%), BHEL (10.92%), Housing Development Finance Corporation (10.92%), and State Bank of India (10.45%).

Cipla and Hindustan Unilever were the major losers on the BSE.

Stock market analyst, Vishwas Agarwal said, “As per the expectation market celebrated victory of the government confidence motion.”

“Now, the government is in a position to reform some pending policies and in a confident position to curb inflation, economic slowdown and other problems,” he added.

Mr. Agarwal anticipates that currently the stock market will get a boost and the investor’s confidence will also get furbished up to return to financial markets.

Technical analyst, Suresh Iyer said that the Nifty has support levels at 4,442, 4,408, 4,361, 4,352, and 4,273 and resistance stands at 4,532, 4,561 to 4,586 and 4,646.