New Delhi, Jan. 29 -- Propelled by gains in the banking and financial heavyweights, Indian stock market benchmarks - the Sensex and the Nifty 50 - closed with gains in the previous session on January 28. The Sensex closed 535 points, or 0.71 per cent, higher at 75,901.41, while the Nifty 50 closed the day at 22,957.25, up 128 points, or 0.56 per cent.

Even though the key indices ended higher, snapping their two-session losing run, experts indicate that the market sentiment is cautious ahead of the US Fed policy outcome on January 29 and the Union Budget on February 1.

On the technical front, Shrikant Chouhan, the head of equity research at Kotak Securities, pointed out that on daily charts, the Nifty 50 formed a long-legged Doji candles...