Indian markets are in for a long break as trading on stock exchanges BSE and NSE will remain closed for the next four days from April 14 to 17. On Wednesday, Indian equities erased their early gains and closed on a negative note for the third time in a row. day. Investors proceeded cautiously amid fourth-quarter earnings assessments of inflationary volatility, while rising commodity prices added to the downside.
BSE and NSE will remain closed on April 14 due to the celebrations of Dr. Babasaheb Ambedkar Jayanti, Mahavir Jayanti, Baisakhi, Vaisakhi, Tamil New Year’s Day, Cheeraoba, Biju Mahotsav and Bohag Bihu across India. Whereas business will remain closed on April 15 due to Good Friday/Bengali New Year’s Day (Nabvarsha), Himachal Day and Vishu.
Whereas Market 16 and 17 April will be closed due to Saturday and Sunday.
These days trading in equity, derivatives, security lending and borrowing schemes, currency derivatives and interest rate derivatives segments will remain closed.
On Wednesday, the BSE Sensex closed 237.44 points or 0.41% lower at 58,338.93, while the NSE Nifty 50 ended 54.65 points or 0.31% lower at 17,475.65.
Top bulls on the Sensex were ITC, Sun Pharma, HUL, SBI and NTPC. Top bearers on the same benchmark were – HDFC, HDFC Bank, Maruti Suzuki, Dr Reddy’s Lab, Asian Paint, Power Grid, Bajaj Finance, Titan and Kotak Bank.
Selling pressure was witnessed in banking, auto, financial and media stocks in the market today. While losses were limited by gains in FMCG, pharma, and oil and gas stocks.
In today’s trading session, Vinod Nair, Head of Research, Geojit Financial Services, said, “Although global markets have already forecast higher levels of inflation on account of higher fuel and food prices, the unfavorable numbers have weighed on investor sentiments. ECB policy decisions will be closely monitored for guidance on the central bank’s plan to balance slowing growth and record-high inflation. With earnings season beginning, markets likely to be bullish on sector-specific momentum is”.
S Ranganathan, Head of Research, LKP Securities said, “Capital goods stocks were sought after today on expectations of revival in capex spending. 20% rise in March exports boosted sentiments, even as the road to rising inflation and commodity prices rises. Remains cautious on prices and its impact. Corporate earnings. Broader markets witnessed demand for hospitality, cement and gas stocks”
Rupak Dey, Senior Technical Analyst, LKP Securities said, “Nifty remained volatile throughout the session with a largely negative bias. At the lower end, the index challenged the support levels of 17400-17450. At the higher end, it maintained an upside bias. failed. 17600.”