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Share market holiday: BSE, NSE shut today on account of Bakri Id

NSE and the BSE will remain closed today, along with wholesale commodity markets, including metal and bullion. There will be no trading activity in the forex and commodity futures markets either

July 21, 2021 / 09:05 AM IST

The National Stock Exchange of India (NSE) and the BSE will remain closed on July 21 on account of Bakri Id.

Wholesale commodity markets, including metal and bullion, will also remain shut. There will be no trading activity in the forex and commodity futures markets either.

On July 20, while the Sensex ended 354.89 points (0.68%) lower at 52,198.51, and the Nifty was down 120.30 points (0.76%) at 15,632.10.

"Markets drifted further lower in continuation to Monday's fall and lost nearly a percent. The benchmark opened on a muted note amid sell-off in global markets, inched gradually lower as the day progressed. On the global front, the concerns over the economic recovery due to the rise in COVID cases due to the new virus variants hit sentiment. In line with the benchmark, most of the sectoral indices turned southward and the broader indices too witnessed a sharp cut of nearly 1.4% each," said Ajit Mishra, VP - Research, Religare Broking.

"We believe concerns over global economic recovery are worrying participants as the third wave of Covid is fast spreading. Besides, domestic cues are also not very encouraging so far. In short, we may see further slide ahead and Nifty may find support around 15,450 i.e. lower band of the prevailing consolidation range."

Close

"Meanwhile, earnings will continue to provide opportunities to the traders however we suggest keeping a check on position sizing and focus on overnight risk management," Mishra added.

Also read: Tech startups such as Zomato and Paytm unlikely to become the next HDFC Bank or TCS after IPOs, says Shankar Sharma

On the BSE, all the sectoral indices ended lower with power, realty, metal, healthcare, auto and bank falling 1-2.4 percent.

Hindalco, IndusInd Bank, Tata Steel, NTPC and Bharti Airtel were the top losers on the Nifty. While top gainers included Asian Paints, UltraTech Cement, HUL, Grasim and Maruti Suzuki.

"In the backdrop of weakness in global markets, Indian stock gauges continued to decline. Although, technically the market closed above the 15,600/52,100 level (for Nifty/Sensex), we believe the pain is not over and the Nifty/Sensex would move to the 15450/51600 or 15300/51000 levels in the next few days. On the upside, 15680/52350 and 15750/52500 levels would be major obstacles. India VIX has grown the most since May 2021 at 15%," said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

"ACC and Asian Paints recorded the highest gains in the Nifty-50 index, while Bank Nifty broke support at the 34600 level, pushing the index to the 33900 level. Until the market crosses the 15750/52500 level and closes at the 15750/52500, the strategy should be to reduce the weak long positions,” Chouhan added.

BSE Midcap and Smallcap indices fell over 1 percent each.

On July 20, the Indian rupee ended near the day's high at 74.61 per dollar, after opening lower at 74.95 per dollar against Monday's close of 74.87.

“USD/INR spot closed 26 paise lower at 74.61 and July futures on NSE closed 74.71 on the back of recovery in global stock markets and improving risk sentiments. At the same time, lumpy corporate flows may have pushed USDINR lower as tomorrow being a holiday kept large buyers away from the market. Bias continues to be of a range between 74.40 and 75.00 levels on spot,” said Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities.

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Rakesh Patil
first published: Jul 21, 2021 07:39 am

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