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“The area of 15,670-15,700 was earlier acting as a support zone and is now posing as a resistance zone as per the principle of role reversal. Unless the level of 15,700 gets taken out on a closing basis, Nifty50 can move back towards 15,400. Structurally, the Nifty50 is expected to see a consolidation where the tight range would be 15,400-15,700,” said Gaurav Ratnaparkhi of Sharekhan.

“Right now, I feel Europe is down, China is extremely down and in an environment like that, India appears to be a little bit decoupled but we are already seeing a 22% drop in Indian domestic prices for steel from around April 6th to yesterday which was around Rs 61,000.”

“We are in favour of nibbling and in fact post yesterday, it would make sense to do a little more than nibbling. India is not as impacted by inflation as perhaps the US is and so to that extent even the stocks are much better positioned. Speaking of places where one wants to invest, I think the BFSI and particularly banking is interestingly poised.”

The Nifty Realty index closed 3.65 per cent up at 384.3.

The yen dropped 0.8% to a 24-year low of 136.18 per dollar , extending losses after the Bank of Japan on Friday dashed any mild expectations of a change in policy and continued to stand alone in its commitment to ultra-easy monetary settings.

Vedanta would look into buying an incremental 5% stake in Hindustan Zinc from the government, but the rest of the sovereign stake will be sold in the open market.

"We expect oil demand to improve further, benefiting from the reopening of China, summer travel in the northern hemisphere and the weather getting warmer in the Middle East. With supply growth lagging demand growth over the coming months, we continue to expect higher oil prices,"

In the international market, both gold and silver were trading flat at USD 1,837 per ounce and USD 21.66 per ounce, respectively.

The Nifty Auto index closed 2.04 per cent up at 10974.2.

As Nifty bulls are trying to get rid of the scars left by US Fed Chair Jerome Powell, market mavericks Porinju Veliyath, Basant Maheshwari and Saurabh Mukherjea are bullish on these 5 stocks for the next 5 years: