📷 Image Credits: Mint
The Indian stock market will be closed for trading on Monday, June 17, in observance of Bakri Id. Both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will remain closed, affecting all segments including equity, derivatives, and SLB. Trading will resume on Tuesday, June 18. Additionally, the Multi Commodity Exchange of India Limited (MCX) will be closed for the morning session on June 17 but will reopen for the evening session from 5:00 PM to either 11:30 PM or 11:55 PM.
In 2024, the Indian market has a total of 15 holidays scheduled. The remaining holidays are Muharram on July 17, Independence Day on August 15, Mahatma Gandhi’s birthday on October 2, Diwali on November 1, Gurunanak Jayanti on November 15, and Christmas on December 25. On these holidays, trading activities will also be suspended.
The stock market performance on Friday, June 14, witnessed gains in the auto and consumer durable sectors, leading to a rise in India’s benchmark equity indices, Sensex and Nifty 50. Despite a subdued start, the BSE Sensex rose by 0.24% to close at 76,992.77, while the Nifty 50 ended at 23,465.60, up by 0.29%. The Nifty Midcap 100 and Nifty SmallCap 100 also outperformed, showing positive growth.
Vinod Nair, Head of Research at Geojit Financial Services, mentioned that the domestic market remained marginally positive, with mid and small-cap sectors demonstrating outperformance. The market’s reaction to the FOMC meeting was hawkish, leading to a shift in market expectations. Among the Nifty 50 stocks, gains were seen in Eicher Motors, Adani Ports, Mahindra & Mahindra, Shriram Finance, and Titan Company. However, Tech Mahindra, Tata Consultancy Services, Wipro, HCL Technologies, and Larsen & Toubro were the top losers.
Sector-wise, Nifty Auto, Consumer Durables, Realty, Metal, Oil & Gas, Financial Services, and FMCG sectors closed higher, with gains ranging from 0.4% to 1.30%. Conversely, the IT sector closed lower, while the Media sector remained flat. Looking ahead, market focus will be on industrial production data from India, China, and Eurozone inflation to gain insights into the economic outlook of these countries.
