📷 Image Credits: Mint
The Indian stock market benchmark indices, Sensex and Nifty 50, ended higher on Friday, June 14, led by gains in the auto, consumer durable, and financial stocks. The BSE Sensex gained 181.87 points, or 0.24% to close at 76,992.77, while the Nifty 50 settled 66.70 points, or 0.29%, higher at 23,465.60. The benchmark Nifty 50 hit a record high of 23,490.40 during the session.
Broader markets supported the rally as the Nifty Midcap 100 surged 1.05% and Nifty SmallCap 100 rose 0.8%, outperforming the frontliners.
Bank Holiday Today on June 17: Are banks closed for Eid al-Adha today? Check all details here
Nifty 50 consolidated in a narrow range throughout the last week and volatility subsided post the election results event as traders focused more on stock specific approach. Nifty closed just below 23,500 with weekly gains of three-tenths of a percent.
Our markets continued to march higher with new milestones seen post the recent election week volatility. In this up move, FIIs have covered much of their short positions and added new longs which led to the momentum. On the other hand, confidence has resumed amongst market participants with regards to political stability and hence, a lot of stock-specific positive momentum is seen, said Ruchit Jain, Lead Research, 5paisa.com.
In the coming week, he believes the initial hurdle of Nifty 50 will be seen around 23,500, which has acted as a hurdle in the last week.
\u201cOnce this is surpassed, the Nifty could rally towards 23,900 – 24,000 which is the retracement zone of the recent correction. On the lower side, 23,300 followed by 23,000 – 23,900 zones are the supports. Any dips towards the support should be seen as a buying opportunity, said Jain.
There is only one stock market holiday in June 2024 and the next trading holiday will now be on July 17 for Muharram, the stock market holiday list shows. There are a total of 15 holidays in the calendar year 2024.
Stock market exchanges BSE and NSE are closed today on account of Eid ul-Adha 2024. All the segments, including equity, derivatives, and SLB will remain shut today for Bakri Eid. The stock market holiday calendar 2024 shows Monday, June 17, as a trading holiday for Bakri Eid.
The equity trading in the Indian share market will resume on Tuesday, June 18.
