Indian equity benchmarks would be closed on Thursday, as per the BSE website. The domestic benchmarks would be shut today to mark Id-Ul-Fitr (Ramzan Id). The equity segment, equity derivative segment and the SLB (Security Lending and Borrowing) segment would remain closed. Currency derivatives, commodity derivatives and electronic gold receipts segments would also be closed. In April 2024, there are 10 stock market holidays in total, including Saturdays and Sundays.
During the previous session, headline index NSE Nifty on Wednesday scaled its fresh all-time high level, led by gains in consumer, metal, state-owned lenders and energy stocks. Nifty touched a lifetime peak of 22,776 during intraday trade. It eventually closed 111 points or 0.49 per cent higher at 22,754-level. The 30-share BSE pack settled 354 points or 0.47 per cent higher at 75,038.
Mid- and small-cap shares also finished in the green, with the Nifty Midcap 100 up 0.97 per cent and Nifty Smallcap 100 rising 0.73 per cent. India VIX, fear index, fell 2.17 per cent to 11.11-level.
14 out of the 16 sectoral indices on NSE settled in the green. Sub-indices Nifty FMCG, Nifty Consumer Durables, Nifty Metal, Nifty PSU Bank and Nifty Oil & Gas outperformed the index by rising 1.23 per cent, 0.68 per cent, 1.18 per cent, 1.53 per cent and 1.50 per cent, respectively. In contrast, Nifty Pharma and Nifty Auto saw corrections.
On BSE, frontline stocks such as Reliance Industries, ITC, Airtel, Kotak Mahindra Bank, SBI, Infosys, TCS, Axis Bank, Asian Paints and ICICI Bank rose were the major contributors to the rise. Also, Data Patterns, Jubilant Ingrevia, HEG, NMDC Steel and TVS Srichakra zoomed up to 11.78 per cent.
On the flip side, Reliance Infrastructure, Anand Rathi, ACE, Allcargo Logistics and Agi Greenpac tanked up to 20 per cent.
Out of a total of 3,933 stocks that traded on BSE during last trade, 1,939 settled with losses while 1,904 others ended higher. The remaining 90 stocks stayed unchanged.
The domestic bourses would reopen on April 12, 2024.
Technical view
Nifty outlook
"For Nifty, the resistance zone is placed at 22,700-22,750, while support is at 22,600. A decisive move above 22,750 might induce a rally towards 23,000 in the short term. Since the market appears to be range-bound, buying on dips and selling on rallies might prove to be a good strategy with proper stop-loss measures," said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty Bank outlook
"Nifty Bank remained in consolidation mode at elevated levels, struggling to close above 49,000. Immediate support rests at 48,500, with resistance at 49,000. Any decisive move beyond these levels is expected to trigger trending moves. The index maintains a buy-on-dip stance, with 48,500 acting as a crucial support level to cushion against any downturns," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.