NSE, BSE shut today on account of Mahashivratri

On March 10, the Sensex rose 254.03 points or 0.50% to close at 51,279.51, while Nifty added 76.40 points or 0.51% to end at 15,174.80

March 11, 2021 / 08:21 AM IST

The National Stock Exchange of India (NSE) and the BSE will remain closed on March 11 on account of Mahashivratri.

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 March 10, the Sensex rose 254.03 points or 0.50% to close at 51,279.51, while Nifty added 76.40 points or 0.51% to end at 15,174.80.

“The market closed at the level of 15,170 and reached a high, however, traders were not keen to carry positions due to the bank holiday on Thursday. It can also happen on Fridays, as it can be a weekend getaway. Next Monday we can see a strong trend,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

“Technically, the market closed above the level of 15,150/51,250, which could maintain the market's bullish continuation. We may see at least 15,280 or 15,350 levels in the near term. However, if the Nifty fails to break the 15,280 level, it may send the market to consolidation between 15,000 and 15,280. If the index goes below 15,000/50,750, the bullish trend will break. Bond yields and the dollar index would once again determine the market trend in the coming days,” he added.

Close

On the sectoral front, Nifty Pharma, IT, Auto and Metal indices rose a percent each, while some selling seen in the energy names. BSE Midcap and Smallcap indices ended in the green.

JSW Steel, Eicher Motors, Tata Steel, Bajaj Finance and Sun Pharma were among top gainers on the Nifty, while losers included SBI Life Insurance, ONGC, IOC, HDFC Life and GAIL.

"Nifty has been hovering within the 14,900-15,300 zone and a decisive break on either side would trigger the next directional move. Meanwhile, traders have no option but to limit their leveraged positions and maintain a stock-specific trading approach. The upcoming macroeconomic data i.e. IIP and CPI combined with cues from the global markets will dictate the trend ahead," said Ajit Mishra, VP - Research, Religare Broking:

Indian rupee ended flat at 72.91 per dollar versus previous close of 72.93 and traded in the range of 72.89-73.09.

"The market expects US inflation to remain elevated compared to January figure and this may add further uptrend in US yields and dollar index. So in USDINR spot, we expect 72.70-72.75 to act as a crucial support, a break of which can push prices towards 72.50 zone, while 73.25 will act as an immediate resistance," said Rahul Gupta, Head Of Research-Currency, Emkay Global Financial Services.
Rakesh Patil
first published: Mar 11, 2021 08:19 am

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