Stock Market Holiday: Market To Remain Close For Eid-al-Fitr

Stock Market Holiday

The Nifty shot to a new record high and the Sensex pushed closer to its all-time high as the Indian stock markets closed higher on April 10 amid a week of optimism and bullish momentum. A number of things contributed to the positive attitude, such as sectoral gains, stability in international markets, and the approach of the earnings season. However, traders and investors are preparing for a brief halt in trading activity due to the impending closure on April 11 in observance of Id-Ul-Fitr.

The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) declared that, in observance of Id-Ul-Fitr (Ramzan Id), both exchanges would be closed on April 11. Trading in the interest rate derivatives, equity, SLB, currency, and derivatives segments will be suspended during the day. The morning session of the commodity derivatives segment will be closed, and the evening session will be open from 5 p.m. to 11:55 p.m. On Friday, April 12, regular trading will be resumed.

The Sensex closed at 75,038.15, up 354.45 points, or 0.47 percent, and the Nifty closed at 22,753.80, up 111.00 points, or 0.49 percent, on April 10, reflecting the optimistic mood in the market indices. On the Nifty, Cipla, Maruti Suzuki, HDFC Life, Divis Labs, and SBI Life Insurance were among the big losers, while top gainers included Coal India, BPCL, Kotak Mahindra Bank, ITC, and Hindalco Industries. The majority of sectoral indices, including media, PSU Bank, FMCG, Metal, and Oil & Gas, all ended the day in the green, with gains ranging from one to two percent. The market breadth was generally positive.

Speaking about the day’s trading, Ajit Mishra, Senior Vice President of Technical Research at Religare Broking, said, “Markets continued to follow the general trend, edging higher and gaining nearly half a percent.” The Nifty spent most of the session range bound following the initial gap-up move, ultimately settling at levels of 22,753.80. Projecting a target range of 22,850-23,100 for the Nifty, he emphasized the rotational buying across sectors and the stability in global markets as the main forces behind the market’s upward drift.

The Indian rupee showed stability in the currency markets, ending Wednesday’s trading session 12 paise higher at 83.19 against the US dollar. “Amid a sideways trend, the Indian rupee remained relatively stable, with the dollar index awaiting fresh triggers from the upcoming US CPI numbers,” said Jateen Trivedi, vice president and research analyst at LKP Securities. In his analysis of the rupee’s levels of support and resistance, Trivedi emphasized the influence of global geopolitical events and economic strength on price fluctuations.

Market participants are advised to stay alert and strategically plan their positions to navigate potential stock-specific volatility as investors get ready for the joyous closure on April 11 and look forward to the forthcoming earnings season. The overall market sentiment is still positive, supported by a mix of domestic and international market dynamics, as evidenced by the Nifty reaching new highs and sectoral indices demonstrating resilience.

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