Stock market holiday today: BSE, NSE to remain shut for Gandhi Jayanti, Dussehra

FIIs offload Indian equities worth Rs 1,605 crore while DIIs buy Rs 2,916 crore on October 1

The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will remain closed on October 2 for Mahatma Gandhi Jayanti and Dussehra.

Trading in derivatives, equities, SLBs, currency derivatives, and interest rate derivatives will remain shut for the day. The commodity derivatives segment will also remain closed.

Trading on the NSE and the BSE will resume on October 3 (Friday).

On October 1, Indian benchmark indices snapped 8-day losing streak, ending strong with Nifty above 24,800 after RBI kept the repo rate unchanged, lowered its inflation forecast to 2.6 percent and upward revision of GDP growth projection to 6.8 percent.

At close, the Sensex was up 715.69 points or 0.89 percent at 80,983.31, and the Nifty was up 225.20 points or 0.92 percent at 24,836.30. BSE Midcap index rose 0.9 percent and smallcap indices added 1%.

Except PSU Bank, all other sectors ended in the green with private bank, realty, pharma, IT, media up 1-4 percent.

Tata Motors, Shriram Finance, Kotak Mahindra Bank, Trent, Sun Pharma were among biggest gainers on the Nifty, while losers were Bajaj Finance, Tata Steel, SBI, UltraTech Cement and Bajaj Auto.

"After showing eight consecutive sessions of weakness, Nifty witnessed a sustainable bounce back on Wednesday and closed the day higher by 225 points. After opening with a positive note, the Nifty continued with upside for better part of the session. Intraday dips in between have been bought into and the market closed with the decent gains," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

"A long bull candle has been formed on the daily chart after the range bound action with weak bias of few sessions. This indicates a formation of short- term bottom reversal pattern in the market. Nifty has bounced back sharply from near the crucial support of around 24500-24400 levels (ascending trend line and 200day EMA). This is positive indication."

"The larger degree higher tops and bottoms is in store as per daily and weekly timeframe chart and the recent swing low of 24587 could now be considered as a new higher bottom of the sequence," he added.

"The short-term trend of Nifty has reversed up firmly on Wednesday with the formation of near-term bottom reversal pattern. The next upside hurdles to be watched around 25000 mark and next 25200 in the next one week. Immediate support is placed at 24600 levels," Shetti said further.

Indian rupee ended higher by 9 paise at 88.69 per dollar on Wednesday versus previous close of 88.78.

"The RBI kept rates unchanged but highlighted its strong focus on maintaining rupee stability on the global front. The central bank emphasized its readiness to take appropriate steps on the rupee as warranted, while also outlining measures to ensure a healthy and liquid banking system," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

"With LAF daily surplus averaging Rs 2.1 trillion since the August MPC, and upcoming liquidity support through CRR cuts and government spending, sentiment improved. The RBI further assured active management of short-term rates via two-way liquidity operations. These supportive remarks helped the rupee recover, with a range now expected between 88.25–89.10," he added.

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