Last Updated : Nov 16, 2020 07:20 AM IST | Source: Moneycontrol.com

NSE, BSE shut today on account of Diwali Balipratipada

Wholesale commodity markets, including metal and bullion, are also shut. And there is no trading activity in the forex and commodity futures markets either.

The National Stock Exchange of India (NSE) and the BSE will remain closed on November 16 on account of Diwali Balipratipada.

Wholesale commodity markets, including metal and bullion, are also shut. And there is no trading activity in the forex and commodity futures markets either.

The equity market started the new-year Samvat 2077 on a better note as the benchmark indices ended on the Muhurat Trading Day at a closing high, with Nifty above 12,750.

Close

At Close, the Sensex was up 194.98 points or 0.45% at 43,637.98, and the Nifty was up 50.60 points or 0.40% at 12,770.60.

"The fact that the market is at all-time high adds to the festive cheer. Clearly there is excitement on the street and that is getting reflected in the volumes. We have been witnessing increased market participation since the last few months and that continues in the Muhurat trading as well. Even on the Muhurat trading day the volumes were higher than the last year. A rally which is supported by high volumes is considered as a bullish sign; so we are expecting the rally to sustain at higher levels," said Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas.

"The laggards like banking and financial services saw good amount of traction in the run up to the Muhurat trading session. They were one of the major contributors to the index on the Muhurat trading day as well. The overall structure shows that this space has a lot of ground to cover on the upside and can continue to witness buying interest going ahead," he added.

All the sectoral indices ended in the green. However, broader indices outperformed frontliners. The Nifty Midcap index rose 0.6 percent and Smallcap added 0.8 percent.

BPCL, IOC, Tata Motors, HDFC Life and Sun Pharma were among major gainers on the Nifty, while losers included Hindalo, Hero MotoCorp, JSW Steel, SBI and Bajaj Finance.

"The market is consolidating and slowly inching higher towards 12900/13000 levels. The Nifty 50 index is forming a symmetrical triangle on the intra-day chart. It's a bullish continuation formation that would lift the market towards the psychological mark of 13000," said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

"The breadth of the broader market is quite satisfactory, which is indicating a firm grip of bulls and would not allow the Nifty to fall below 12600 levels in the normal circumstances," he added.
First Published on Nov 16, 2020 07:20 am
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