Stock market to remain closed on Monday for Bakri Eid, Nifty, Sensex gained 0.5 pc last week
Jun 16, 2024
New Delhi [India], June 16 : The stock market will be closed for trading on Monday on account of Bakri Eid. The trading is set to resume on Tuesday, according to the National Stock Exchange's (NSE) official website.
The market will be closed on Monday in all segments, including stocks, derivatives, and SLBs. Additionally, the Multi Commodity Exchange of India Limited (MCX) will be closed for the morning session on June 17 but will reopen in the evening from 5:00 PM until either 11:30 PM or 11:55 PM.
Last week, the Nifty-50 Index and BSE Sensex saw marginal gains of 0.5 per cent each, reaching new all-time highs as market expectations became more bullish. The mid-cap index outperformed with a gain of around 3.6 per cent, and the small-cap index rose by 5 per cent, surpassing the performance of large-cap stocks. This improvement in market sentiment suggests that the market has stabilized following the Lok Sabha elections.
According to market experts, better-than-expected fourth-quarter FY24 earnings in certain key sectors helped sustain this momentum.
On the economic front, May's Consumer Price Index (CPI) inflation was 4.75 per cent, close to April's figure of 4.83 per cent, while food inflation stood at 8.7 per cent. Most sectoral indices experienced weekly gains, with Capital Goods, Consumer Durables, Oil and Gas, Auto, Metals, Realty, and Power sectors rising between 1.5 per cent and 5 per cent.
The Bank Nifty saw only marginal gains during the week. Conversely, the IT and FMCG indices each declined by around 1 per cent.
"Meanwhile, both FPIs and DIIs were net buyers in the entire week. Going forward, D-street will focus on the macro trends, inflation, and global situation including geo-political concerns," said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
In Asia, the yen weakened past the 158 per dollar mark after the Bank of Japan announced it would detail a plan for bond purchases at its July meeting, delaying any reductions in buying until at least then. The Bank of Japan maintained its benchmark rate within a range of 0 per cent to 0.1 per cent.
