Stock market holiday: BSE, NSE to remain closed today on account of Bakri Id

Indian equity benchmarks would remain closed on Thursday, as per the BSE website. The domestic benchmarks would be shut today to mark Bakri Id. The equity derivative segment, equity derivative segment and the SLB (Security Lending and Borrowing) segment would also remain closed. The market holiday was pushed ahead by a day to June 29 from June 28 earlier. Commodity markets would be closed for the morning session and trading would be open during the evening session (5:00 pm to 11:30/11:55 pm).

In June 2023, there are nine stock market holidays, including Saturdays and Sundays.

In the previous session, the domestic benchmarks rose sharply to close at their fresh record closing highs. The 30-share BSE Sensex pack surged 499 points or 0.79 per cent to settle at 63,915, while the broader NSE Nifty index moved 155 points or 0.82 per cent higher to finish the day at 18,972.

Mid and smallcap shares finished higher, with the Nifty Midcap 100 up 0.63 per cent and Nifty Smallcap 100 rising 0.35 per cent. Fear index India VIX rose 1.02 per cent to 10.89.

14 out of the 15 sectoral indices on NSE settled in the green. Sub-indices Nifty Pharma, Nifty Metal, Nifty Oil & Gas, Nifty Auto, Nity Financial Services and Nifty FMCG outperformed the index by rising 1.46 per cent, 1.36 per cent, 0.78 per cent, 0.75 per cent, 0.57 per cent and 0.57 per cent, respectively. In contrast, Nifty Media settled 0.67 per cent lower.

Buying interest in select heavyweights such as Reliance Industries (RIL), HDFC twins (HDFC Bank and HDFC) and Infosys lifted the indices higher. An uptick in most Adani Group stocks also helped the indices to hit fresh high levels today.

On BSE, EPL, Adani Transmission, Adani Enterprises, Adani Ports, Torrent Pharma, Gland Pharma and Suzlon Energy jumped up to 7.53 per cent. Reliance, HDFC Bank and Infosys climbed a per cent, each, while HDFC settled 0.62 per cent higher.

The HDFC duo extended gains ahead of their merger, effective on July 1. And, Adani Group stocks were up after it was reported that US-based investment firm GQG Partners made a third round of investment in the ports-to-energy conglomerate.

Foreign institutional investors (FIIs) bought a net Rs 12,350 crore worth of Indian equities during the previous session, while domestic investors sold Rs 1,021.01 crore of shares, as per provisional NSE data.

"After multiple attempts, the domestic market successfully managed to sustain record high levels, thanks to the increased buying interest in heavyweight stocks. The bullish momentum was further supported by strong FII inflows and a narrowing current account deficit, both of which positively impacted investor sentiments," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Technical view: Nifty & Nifty Bank outlooks

"Looking ahead, it is of utmost importance for Nifty to sustain levels around 18,870, as it was regarded as a crucial breakout point during the preceding week. To incite further short covering at 19,000 strike price, the index must overcome the barrier and firmly maintain the 19,000 mark. Sub-indices such as Nifty Auto and Nifty Pharma demonstrate robustness and positive prospects," said Ameya Ranadive, CMT CFTe, Equity Research Analyst at Choice Broking.

"Nifty Bank faces resistance around 44,500, struggling to close above this level on multiple occasions. However, it finds support at 43,800, which presents a pivotal level to monitor. Currently, the sentiment in the market has shifted favorably towards the bulls, indicating an optimistic outlook. For long-term investors, this presents an opportune moment to construct their portfolios with high-quality stocks. By carefully selecting such stocks, investors can position themselves to capitalise on the prevailing positive market sentiment and potentially achieve fruitful returns in the future," Ranadive stated.

Also Read: Infosys, TCS, Wipro: These Nifty IT stocks destroyed wealth in last 2 years. Is it time for bottom fishing?

Also Watch: Eid ul Adha (Bakri Id) Holiday on June 29: Is Indian stock market closed today? Check details