Yesterday the number everyone watched finally gave way. 24000. Four times this market ran at it and four times it got thrown back. On the fifth try Nifty pushed to 24002 and, for the first time, closed on the number at 23989. A foothold at last. But park that win, because the real action is the next two sunrises. Tonight the United States Federal Reserve sets rates, after we have gone home. And tomorrow the Sensex expires. Today is not the main event, today is the setup.

The Sensex closed 76808, up 544 points, three-quarters of a percent, and the leadership flipped. The IT pack, dead last on Monday, was suddenly first, HCL Tech up 3.6 percent, dragging the index up with the financials and Reliance. Nifty rode the same wave to 23989, up 135. Now read the expiry board it left behind.

The Sensex expiry is a textbook pin. The put writers, ...