Stock market holiday: BSE, NSE to remain closed today on account of Diwali Balipratipada

Indian equity benchmarks would remain closed on Tuesday, as per the BSE website. The domestic benchmarks would be shut today to mark Diwali Balipratipada. Balipratipada is the fourth day of Diwali, the festival of lights. It is also known as Bali Padyami or Padva.

The equity segment, equity derivative segment and the SLB (Security Lending and Borrowing) segment would also remain closed. Commodity markets would be closed for the morning session but it will be open for the evening.

In November 2023, there are 10 stock market holidays in total, including Saturdays and Sundays.

In the previous session, Indian equity benchmarks settled lower, dragged by financials, technology and consumer stocks. The 30-share BSE Sensex pack fell 326 points or 0.50 per cent to close at 64,934, while the broader NSE Nifty index moved 82 points or 0.42 per cent down to end the session at 19,444.

Although, mid and smallcap shares finished higher, with the Nifty Midcap 100 up 0.07 per cent and Nifty Smallcap 100 rising 0.68 per cent. India VIX, fear index, fell 1.41% to 11.19-level.

13 of the 15 sectoral indices on NSE settled in the red. Sub-indices Nifty Financial Services, Nifty IT, Nifty FMCG and Nifty Consumer Durables outperformed the index by falling 0.59 per cent, 0.73 per cent, 0.45 per cent and 0.81 per cent, respectively. In contrast, Nifty Metal rose 0.37 per cent and Nifty PSU Bank gained 2.64 per cent.

"Public sector banks are outperforming due to strong credit growth, improved asset quality and robust balance sheets. This trend is expected to persist," said Vinod Nair, Head of Research at Geojit Financial Services.

On BSE, index heavyweights such as HDFC Bank Ltd, Reliance Industries Ltd, ICICI Bank Ltd, Infosys and Tata Consultancy Services (TCS) fell up to 0.73 per cent. Also, Kennametal India, Glenmark Pharma, Swan Energy, HG Infra Engineering and Neuland Laboratories tanked up to 7.13 per cent.

On the flip side, Wockhart Ltd, Reliance Power Ltd, Share India Securities, Motilal Oswal Financial Services and Computer Age Management Services (CAMS) rose up to 10.86 per cent.

Out of a total of 3,975 stocks that traded during the day on BSE, 2,164 settled with losses while 1,680 others ended higher. The rest 131 stocks stayed unchanged.

The domestic bourses would reopen on November 15.

Technical view: Nifty outlook

"Nifty has been forming a base and is likely to maintain a positive tone until it breaks 19,200. However, we need a decisive breakout above 19,500 for the index to inch towards 19,850. Meanwhile, traders should continue with stock-specific trading approach," Religare Broking stated.

Nifty Bank outlook

The banking index is also seeing recovery and currently hovering around the resistance zone of 44,000. A firm close above that hurdle could help the index to subside the underperformance and inch towards the 44,700-45,200 zone. In case of any dip, the 42.800-43,250 zone would cap the downside. The underperformance of the private banking majors is still a concern so maintain extra caution in stock selection," Religare said.

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