The Indian stock market, particularly the Nifty, faces potential capped gains due to the combination of the monthly derivatives expiry and low trader participation at the year-end. While bulls attempted to push prices, success was limited, with the Nifty rallying mildly and the Bank Nifty slipping. Global markets showed nervousness, influenced by escalating hostilities in Eastern Europe, leading to profit-taking in financial assets. Public sector undertaking stocks, especially railway-related ones and banks, are expected to attract attention, alongside potential bullishness in metal mining companies due to short covering.