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Last Updated : Jun 05, 2019 08:32 AM IST | Source: Moneycontrol.com

NSE, BSE shut today on account of Ramzan Eid

On June 4, the Sensex ended 184.08 points lower at 40,083.54, while the Nifty shed 66.80 points to close at 12,021.70

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BSE and National Stock Exchange (NSE) are closed for trade on June 5 on account of Ramzan Eid (Id-Ul-Fitr).

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

On June 4, benchmark indices closed lower as traders turned cautious ahead of Monetary Policy Committee's interest rate decision due on Thursday. US-China trade tensions and likely delay of monsoon also caused selling pressure in the market.

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The BSE Sensex ended 184.08 points lower at 40,083.54, while the Nifty shed 66.80 points to close at 12,021.70.

"Intensified trade tensions and prediction of further delay in monsoon pushed investors to book profit. However, the expectation of a cut in interest rate by RBI, falling oil prices and higher spending will improve earnings outlook," Vinod Nair, Head of Research, Geojit Financial Services told Moneycontrol.

He believes the sentiments remain buoyant despite premium valuation since FIIs are pumping liquidity to India as a chosen long-term equity in the emerging market in this ongoing uncertainty in the global market.

The Monetary Policy Committee is expected to cut the repo rate by 25 bps on June 6, along with an announcement of economic growth and inflation forecast.

Most experts feel the 25 bps rate cut seems to have priced in by the market.

"The RBI policy is going to be a big booster for the stock market. I expect MPC to cut rate by 25 basis points, change their monetary stance to accommodative and strongly address the liquidity deficit," Amar Ambani, President & Research Head, YES Securities said.

Inflation is not of concern and economic growth needs support. This will provide momentum to the market in coming days, he added.

Zee Entertainment, Hero Motocorp, Asian Paints, HCL Tech and TCS were among major losers on the Nifty, while Yes Bank, Bharti Infratel, Axis Bank, NTPC and Vedanta were the major gainers.

The broader markets outperformed the frontline indices with the Nifty Midcap and Smallcap indices ending flat with a negative bias.

The market breadth was in favour of bears. About three shares declined for every two shares rising on the NSE.

Note: The story has been updated with additional quotes and details.

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First Published on Jun 5, 2019 08:04 am
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