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Last Updated : Aug 12, 2019 07:35 AM IST | Source: Moneycontrol.com

BSE, NSE shut today on account of Bakri Id

The trading will resume on Tuesday, August 13 after extended long weekend.

Moneycontrol News @moneycontrolcom

The National Stock Exchange and the BSE are closed for trading on Monday, August 12, 2019 on account of Bakri Id holiday.

Wholesale commodity markets, including metal and bullion, are also closed. There will be no trading activity in forex and commodity futures markets as well.

Hence, the trading will resume on Tuesday, August 13 after extended long weekend.

Close

The benchmark indices, on August 9, continued rally for second consecutive session and closed higher, though there was some profit booking in last hour of trade.

The BSE Sensex climbed 254.55 points to 37,581.91 and the Nifty rose 77.20 points to 11,109.70, taking total weekly gains to over a percent on hopes of economic revival measures and either tweak or rollback of the tax surcharge on super-rich from the central government.

The broader markets also participated in the rally, with the Nifty Midcap and Smallcap indices gained a percent each on last day of week.

Experts feel as the hope rally seems to have priced in, there could be consolidation in coming sessions and the further rally would be possible only if government acts sooner on measures.

"The rebound is indeed a welcome relief and we feel Nifty could test 11,250-11,300 zone ahead. In case of any decline, 10,950-11,000 zone would act as cushion. However, a lot depends upon the outcome of the recent meetings of the Finance Minister with various stakeholders from industries and capital market," Ajit Mishra, Vice President - Research at Religare Broking told Moneycontrol.

Meanwhile, he suggests keeping a positive yet cautious approach and focusing on position management.

The crude oil prices rebounded on August 9, but for the week it lost more than 5 percent to $58.53 a barrel, which also lent support to the equity market.

Technically, Nifty formed a small bullish candle that resembles a Shooting Star kind of formation on daily charts due to profit booking at higher levels in last hour of trade.

Indiabulls Housing Finance (up 13.71 percent), Eicher Motors (4.61 percent), Maruti Suzuki (up 3.35 percent), Bajaj Finserv (2.93 percent) and Bajaj Finance (2.55 percent) were biggest gainers whereas the losers among Nifty50 were Yes Bank (down 7.9 percent), Cipla (3.69 percent), Hindalco (2.68 percent), Tech Mahindra (2.48 percent) and Coal India (2.01 percent).

HDFC Bank, HDFC, Bajaj Finance, ICICI Bank and Reliance Industries were leading contributors to rally.

The sectoral trend was mixed on Friday, Nifty Bank, Auto and Financial Service indices gained 1-2 percent while IT (down 0.29 percent), Metal (down 0.86 percent) and Pharma (0.51 percent) lost ground.

Foreign institutional investors turned net buyer in the secondary market on Friday, for the first time in last 29 consecutive sessions. They net bought shares worth Rs 204 crore but remained net sellers for the week gone by, selling more than Rs 4,500 crore worth of shares.

On the contrary, DIIs net purchased Rs 607 crore worth of shares on the same day, taking total weekly buying to Rs 5,590 crore.

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First Published on Aug 12, 2019 07:35 am
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