NSE, BSE shut today on account of Gurunanak Jayanti

On November 27, the Sensex ended 110.02 points, or 0.25%, lower at 44,149.72, and the Nifty fell 18 points, or 0.14%, to close at 12,969.

November 30, 2020 / 11:06 AM IST

The National Stock Exchange of India (NSE) and the BSE will remain closed on November 30 on account of Gurunanak Jayanti.

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

On November 27, the Sensex ended 110.02 points, or 0.25%, lower at 44,149.72, and the Nifty fell 18 points, or 0.14%, to close at 12,969.

The gross domestic product (GDP) print for the July-September period of 2020-21 at -7.5 percent, hinting further recovery in the December quarter and positive numbers in the last quarter of FY21.

Close

The better-than-expected Q2 GDP data was largely driven by positive numbers in manufacturing (0.6 percent in Q2FY21 against -39.3 percent in Q1) and electricity (4.4 percent against -7 percent), and lower contraction in mining (-9.1 percent against -23.3 percent), construction (-8.6 percent against -50.3 percent), trade and hotels segments (-15.6 percent against -47 percent), though agriculture and services (flat at 3.4 percent QoQ) came in slightly lower than estimates.

"Markets will first react to the GDP numbers next week. Besides, the auto sales numbers and upcoming RBI policy meet would be on their radar. We expect prevailing consolidation to continue in the index however there’ll be no shortage of trading opportunities in broader markets. Traders should maintain a “buy on dips” approach while keeping their focus on the selection of sectors and stocks," said Ajit Mishra, VP - Research, Religare Broking.

On the sectoral front, auto and PSU bank indices added 1 percent each, while some selling seen in the infra, IT and energy stocks. BSE Midcaps and Smallcap indices rose 2 percent each.

Britannia, Asian Paints, Tata Motors, Hero MotoCorp and Titan Company were among major gainers on the Nifty, while losers included Power Grid Corp, JSW Steel, ONGC, HCL Tech and HDFC Life.

"The short term trend of Nifty is choppy and the market is expected to move in a range of 13,100-12,800 levels by next week. The study of long term charts like weekly and monthly timeframe signal crucial overhead resistance for the market around 13,100-13,150 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

"The lower area of 12,850-12,750 is going to be an important base for the Nifty and a decisive move below this area could open a sharp downward correction in the market," he added.
Rakesh Patil
first published: Nov 30, 2020 07:17 am

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