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Share Market Holiday: BSE and NSE shut today for Ganesh Chaturthi

On August 30, Sensex was up 1,564.45 points or 2.70% at 59,537.07 and the Nifty was up 446.40 points or 2.58% at 17,759.30

August 31, 2022 / 06:50 AM IST

The National Stock Exchange of India (NSE) and BSE will remain closed on August 31 for Ganesh Chaturthi.

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

The Indian indices quickly overcame bearish sentiments set in motion last Friday by the US Federal Open Market Committee. After the steep slide on Monday (August 29), the markets bounced back on Tuesday (August 30), the last trading day of the month.

The Sensex was up 1,564.45 points or 2.70 percent at 59,537.07 and the Nifty was up 446.40 points or 2.58 percent at 17,759.30.

"Massive short covering as well as value buying at lower levels helped indices recoup all the losses after the Jackson Hole event. Nifty made smart gains on the last trading session of August to close at record monthly closing of 17,759 as against the previous monthly closing high of 17,671 in October 2021," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.


"With this, Nifty managed to increase 3.5 percent in August 2022 despite a record rise of 8.7 percent in July 2022. This shows the inherent strength in domestic markets amidst weak global cues. Strong outperformance by mid and small caps continued with gains of six and five percent respectively in August 2022.

"Nifty has crossed and closed above key short-term resistance levels. If it manages to sustain the positivity, we could see momentum towards 18,000-18,200 zones while support levels have moved higher to 17,500-17,450. Markets will remain closed on Wednesday on account of Ganesh Chaturthi," he added.

Bajaj twins -- Bajaj Finserv and Bajaj Finance -- along with IndusInd Bank, Tech Mahindra, and Tata Motors were top gainers on the Nifty, each gaining between 3.9 and 5.4 percent.

Among sectors, Nifty Realty shined the most with gains of 3.49 percent, closely followed by financials which gained 3.4 percent. Nifty IT, Auto, Metal, and FMCG also made gains of more than two percent each.

BSE Midcap gained 1.9 percent and BSE Smallcap rose 1.4 percent.

“The equity indexes recovered significantly due to aggressive buying that emerged against the sharp fall in the markets the previous day. The fact that growth in India would be still higher, and that inflation may gradually moderate over time, has infused greater confidence in the minds of market participants," said Dr Joseph Thomas, head of research at Emkay Wealth Management.

"Despite all this, the trajectory of the markets would be decided by the data and numbers coming out locally as well as from the US,” he added.

On August 30, the rupee ended higher by 51 paise at 79.45 per dollar against Monday's close of 79.96.

"Rupee was one of the strongest currencies yesterday. Over the near term, we could see more downside, possibly towards 79.25/30 levels on spot, on account of long liquidations but once the positioning becomes light, we could see dollar-rupee rebound due to strong US Dollar Index. We expect a range of 79.25 and 79.85 on spot,” said Anindya Banerjee, vice-president, currency derivatives and interest rate derivatives, Kotak Securities.
Moneycontrol News
first published: Aug 31, 2022 06:50 am
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