Stock market holiday: BSE, NSE to remain closed today on account of Mahatma Gandhi Jayanti

Indian equity benchmarks will remain closed on Wednesday (October 2, 2024) to mark Mahatma Gandhi Jayanti, as per the BSE website. The equity segment, equity derivative segment and the SLB (Security Lending and Borrowing) segment will be closed. Currency Derivatives Segments will remain shut as well.

 

Commodity derivatives and electronic gold receipts (EGR) segments will be closed during the morning trading session as well as in the evening session.

 

During the previous session on Tuesday, domestic benchmarks settled lower as energy shares dragged. The 30-share BSE Sensex pack shed 33 points or 0.04 per cent to end at 84,266. The broader NSE Nifty index edged down 14 points or 0.05 per cent to close at 25,797.

 

Mid- and small-cap shares, however, were closed in the green with the Nifty Midcap 100 rising 0.34 per cent and Nifty Smallcap 100 up 0.79 per cent. India VIX, fear index, tanked 6.25 per cent to 11.99-level.

 

Eight out of the 16 sectoral indices on NSE settled in the red. Sub-indices Nifty Oil & Gas, Nifty Financial Services and Nifty Bank underperformed the index by falling 0.67 per cent, 0.13 per cent and 0.10 per cent, respectively. In contrast, Nifty IT and Nifty Media saw a climb of 1.17 per cent and 1.60 per cent, each.

 

On BSE, frontline stocks such as Reliance Industries Ltd (RIL), HDFC Bank, Hindustan Unilever Ltd (HUL), Bharti Airtel, L&T, IndusInd Bank, Asian Paints, ITC, Titan and Tata Motors were the major contributors to the fall. In addition, BSE 500 stocks such as The Phoenix Mills Ltd, Westlife Foodworld, Sobha, Intellect Design Arena, Muthoot Finance, Godrej Industries, Welspun Corp and TVS Holdings tanked up to 5.41 per cent.

 

On the flip side, Caplin Point Laboratories, BASF India, PB Fintech, Welspun Living, Star Cement, National Aluminium, Paytm, Five-Star Business Finance, Olectra Greentech, Blue Dart and Polycab India gained up to 9.63 per cent.

 

Out of a total of 4,054 stocks that traded on BSE during the last trade, 2,240 settled with gains while 1,743 others ended lower. The remaining 71 stocks stayed unchanged.

 

The domestic bourses will reopen on October 3, 2024 (Thursday).

 

Nifty outlook

 

"Nifty formed a doji pattern with a long upper shadow on daily charts, indicating market indecision. Heavy call writing at 25,800 suggests it may act as strong resistance if sustained. Immediate support lies at 25,750 and a decisive break below this could push the index towards 25,600-25,500 levels. On the higher side, a move above 25,800 may propel Nifty towards 26,050, where sellers could become active again," said Rupak De, Senior Technical Analyst at LKP Securities.

 

Nifty Bank outlook

 

"Nifty Bank formed a big bearish candle on daily charts, suggesting further weakness. On the downside, immediate support is expected near 52,720, followed by 51,890. In the short term, any bounce toward 53,300–53,350 should be used as an opportunity for profit booking," said Hrishikesh Yedve, AVP of Technical and Derivatives Research at Asit C Mehta Investment Intermediates.