Stock market holiday: BSE, NSE to remain closed today on account of Independence Day

Indian equity benchmarks would remain closed on Tuesday, as per the BSE website. The domestic benchmarks would be shut today to mark Independence Day. 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 as well as evening sessions.

"As one of the leading global economies, we stand on the cusp of transformation, growth and development, echoing the spirit of a resurgent India. NSE remains focused on being a catalyst for capital market formation, nation – building and job creation, and continues its sustained efforts towards empowering investors. Happy Independence Day," said Ashishkumar Chauhan, MD & CEO, NSE.

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

In the previous session, Indian equity benchmarks settled higher amid a highly volatile session, aided by technology and consumer good stocks. The 30-share BSE Sensex rose 79 points or 0.12 per cent to close at 65,401, while the broader NSE Nifty pack edged 6 points or 0.03 per cent up to end the day at 19,435.

Although, mid and smallcap shares finished lower, with the Nifty Midcap 100 down 0.17 per cent and Nifty Smallcap 100 falling 0.73 per cent. Fear index India VIX rose 4.10 per cent to 12.

Only three of the 15 sectoral indices on NSE settled in the green. Sub-indices Nifty IT, Nifty Media and Nifty FMCG outperformed the index by rising 0.68 per cent, 0.87 per cent and 0.49 per cent, respectively. In contrast, Nifty Metal and Nifty PSU Bank were among the top drags, sliding 2.14 per cent and 0.71 per cent, respectively.

On BSE, index heavyweights such as Reliance Industries, Infosys, ICICI Bank, Hindustan Unilever and L&T rose up to 1.13 per cent. Also, Garden Reach Shipbuilders & Engineers Ltd, Johnson Controls-Hitachi Air Conditioning India Ltd, PTC Industries Ltd, Olectra Greentech Ltd and DB Realty Ltd surged up to 12.57 per cent.

"Market recovered from the abyss and managed to end in the green amidst short-covering. Barring FMCG, IT and Media, all the other sectoral indices ended in red, with maximum pain seen in the Nifty Metal index. The street would react to India's CPI Inflation for July. Also, all eyes will be on FOMC meeting minutes to be wired on Wednesday," said Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.

Retail inflation rose sharply to a 15-month high of 7.44 per cent in July from 4.87 per cent the previous month, government data showed.

Meanwhile, BSE all-cap stocks such as MSTC Ltd, FSN E-Commerce Ventures Ltd (Nykaa's parent), Hindware Home Innovation Ltd and Carysil Ltd dived up to 10.72 per cent.

Out of a total of 3,895 stocks that traded during the day on BSE, 2,175 settled with losses while 1,553 others ended higher. The rest 167 stocks stayed unchanged.

The domestic bourses would reopen on August 16.

Technical view: Nifty outlook

"Nifty index displayed volatility throughout the trading session, before ending the day with minimal change. On the daily charts, it's evident that the index received support at the 50-EMA, leading to a notable intraday rebound. However, the RSI on the daily chart demonstrated a bearish crossover, with its value dropping below 50. This could be indicative of a weakening trend. If the index falls below the 19,250 mark, it might incite a corrective movement towards the 19,100-19,150 range in the near future. Conversely, resistance can be identified at the 19,550 level on the higher side," said Rupak De, Senior Technical analyst at LKP Securities.

Nifty Bank outlook

"The Bank Nifty closing formed a Doji candlestick pattern on the daily charts. Support at 43,800 signifies its resilience, while substantial put writing at 44,000 suggests confidence in its stability. However, call writing at 44,500 could hinder upward movement. A 'sell on rise' strategy might be prudent until a clear breakout above 44,500 resistance is observed," said De further said.

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