The Indian market started on a strong note ignoring muted global cues with Sensex rallying over 200 points while Nifty breached its crucial resistance level of 10600 in trade on Monday.

Being expiry week some bit of volatility was expected but larger part of the decline was led by sharp rupee depreciation. The sharp depreciation in the rupee for sixth consecutive day pushed technology stocks higher, but kept the market volatile.

“It has been a volatile day on the bourses as markets have not been able to hold on to gains while bears have been unsuccessful in putting a lid on positive sentiment. Additionally, trading was also volatile due to derivatives expiry, later this week,” Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.

Benchmark indices failed to hold on to gains. The S&P BSE Sensex slipped 200 points and Nifty50 by 56 points from their respective intraday highs.

The S&P BSE Sensex closed 35 points higher or 0.10 percent at 34,450.77\. The Nifty50 which reclaimed its crucial resistance level of 10600 failed on to gains and closed 20 points higher or 0.2 percent at 10,584.70.

IT stocks which remained in limelight after TCS conquered $100 bn market cap reversed gains in the second half. Share of TCS slipped 4 per cent from day’s high.

The market breadth was in favour of advances with advance-decline ratio at 1:1\. The Nifty Bank slipped 123 points from high to close with a minor gain of 17 points while Nifty midcap index outperform, with gains of over 100 points.

Sectorally, the S&P BSE Realty index rose 1.7 percent, followed by the BSE Healthcare index which rose 1.2 percent, and the BSE Consumer Durable index gained 0.6 percent.

On the losing front, the S&P Metal index slipped 0.9 percent, followed by the S&P BSE FMCG index which dropped 0.4 percent.

Top Sensex gainers: IndusInd Bank (up 3.4 per cent), M&M (up 2.7 per cent), Sun pharma (up 1.7 per cent), and Asian Paints (up 1.6 per cent).

Top Sensex losers: Tata Motors DVR (down 1.1 per cent), Coal India (down 1 per cent), HUL (down 0.97 per cent), and ICICI Bank (down 0.8 per cent).