Stock Market Closure: BSE, NSE Shut Today for Eid al-Adha

by CiCi
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Indian equity markets, including the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), will remain closed on Monday in observance of Eid al-Adha (Bakri Id). According to the BSE website, the equity segment, equity derivative segment, and the Security Lending and Borrowing (SLB) segment will not operate. Additionally, the Currency Derivatives Segment and Interest Rate Derivatives segments will also be closed.

Reopening Schedule

The domestic bourses will resume operations on Tuesday, June 18, 2024.


Commodity Trading Hours

Commodity derivatives and electronic gold receipts segments will be closed during the morning session but will reopen for trading from 5 PM to 11:30/11:55 PM.


Market Performance on Friday

In the previous trading session on Friday, Indian stock markets continued their upward momentum. The BSE Sensex gained 182 points, or 0.24%, closing at 76,992. Similarly, the NSE Nifty reached an all-time high of 23,490 before ending the day 67 points, or 0.29%, higher at 23,466.

Mid- and small-cap stocks also performed well, with the Nifty Midcap 100 rising 1.05% and the Nifty Smallcap 100 increasing by 0.76%. The India VIX, a measure of market volatility, fell by 4.93% to 12.82.

Sectoral Performance

Out of the 16 sectoral indices on the NSE, 14 ended in positive territory. The Nifty Auto, Nifty Consumer Durables, and Nifty Healthcare indices led the gains, rising by 1.30%, 1.20%, and 1.24%, respectively. Conversely, the Nifty IT index experienced a decline of 0.87%.

Top Gainers and Losers

On the BSE, major contributors to the rise included HDFC Bank, Reliance Industries, M&M, Titan, Axis Bank, Tata Motors, Bajaj Finance, and ITC. Significant gainers also included Mazagon Dock Shipbuilders, SKF India, Chemplast Sanmar, J&K Paper, and Suven Pharma, which surged up to 14.33%.

On the downside, La Opala RG, KIOCL, Usha Martin, Aegis Logistics, Zensar Tech, V-Guard, Redington, and CAMS fell by up to 3.47%.

Of the 3,980 stocks traded on the BSE during the last session, 2,179 advanced, 1,695 declined, and 106 remained unchanged.

Nifty Outlook

Rupak De, Senior Technical Analyst at LKP Securities, noted, “Nifty remained within the defined range of 23,300-23,500. The short-term sentiment is likely to remain positive. Support levels are seen at 23,400-23,300, where put writers have built significant positions. A fall below these levels might shift the market balance in favor of the bears. Until then, it is a ‘buy-on-dip’ market. On the higher end, a decisive move above 23,500 could lead to a sharp upside in the near term.”

Nifty Bank Outlook

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, commented, “Nifty Bank continued its consolidation phase and was unable to surpass the 50,000 mark, where the highest open interest is on the call side. The index needs to decisively surpass the 50,200 mark to confirm an upside breakout towards the 51,000 level. The lower-end support is placed at the 49,500-49,400 zone, and a break below this will open gates for further downside towards 49,000.”


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