Market Shut Today
The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will remain closed on May 1 on account of Maharashtra Day (Labour Day). Trading in derivatives, equities, SLBs, and currency derivatives, as well as in interest rate derivatives will remain shut for the day.
The commodity derivatives segment will remain closed in the morning session – from 9am to 5pm, while the evening session will remain open from 5pm to 11.55pm.
Trading on both the NSE and the BSE will resume on Thursday, May 2.
On April 30, in the highly volatile session, the market erased all the intraday gains and ended lower amid selling seen in the IT, metal, media, oil & gas names.
At close, the Sensex was down 188.50 points or 0.25 percent at 74,482.78, and the Nifty was down 38.60 points or 0.17 percent at 22,604.80.
M&M, Power Grid Corporation, Shriram Finance, Hero MotoCorp and Bajaj Auto were among the top gainers on the Nifty, while losers were Tech Mahindra, BPCL, JSW Steel, HCL Technologies and Sun Pharma.
Among sectors, IT, metal, media, oil & gas, healthcare were down 0.4-1 percent, while auto, power and realty were up more than a percent each.
The broader indices outperformed the benchmarks with BSE midcap index touching fresh high and ended 0.5 percent higher, while the smallcap index ended on a flat note.
“Nifty witnessed selling pressure as it encountered resistance near the previous swing high, resulting in a weak closing. Other indicators such as the 20-day Simple Moving Average (SMA) and the 50-day SMA are positioned below the index value, suggesting that the ongoing positive trend remains intact. The Relative Strength Index (RSI) also indicates a bullish crossover,” says Rupak De, Senior Technical Analyst, LKP Securities.
“Over the next few days, the trend in the headline index might remain sideways unless it breaks above the all-time high of 22783. On the downside, immediate support is placed at 22500, below which the index might decline further,” he added.
On Tuesday, Indian rupee ended marginally higher at 83.43 per dollar versus Monday’s close of 83.47.
“The rupee remained flat at around 82.42, with the dollar index showing neutrality. Volatility in the capital market kept the rupee range-bound. Participants are closely monitoring the upcoming interest rate decision in the US for potential price action in the rupee. Weakness persists in the rupee, albeit in a stable manner,” says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
