Synopsis: On Saturday, the NSE Nifty closed up 36 points at 22,502 and the BSE Sensex rose 89 points to 74,006 due to a special trading session on May 18. Indian equity benchmarks are closed today in observance of the General Elections (Lok Sabha).
Stock Market Holiday: On Saturday, the NSE Nifty closed 36 points, or 0.16%, higher at 22,502. The 30-share BSE index rose 89 points, or 0.12%, to 74,006. The exchanges were open on May 18 for a special trading session.
Indian equity benchmarks will be closed today, as indicated by the BSE website, in observance of the "General Elections (Lok Sabha)." The equity segment, equity derivative segment, and the SLB (Security Lending and Borrowing) segment will be closed. Currency derivatives, commodity derivatives, and electronic gold receipts segments will also remain closed.
In May 2024, there are 11 stock market holidays, including Saturdays and Sundays.
During the previous session, the NSE Nifty closed 36 points, or 0.16%, higher at 22,502.
The 30-share BSE index increased by 89 points, or 0.12%, to 74,006. The exchanges were open on May 18 for a special trading session.
Mid- and small-cap shares also performed well, with the Nifty Midcap 100 up 0.51% and Nifty Smallcap 100 rising 0.82%.
The India VIX, or fear index, rose 3.67% to 20.53.
All 16 sectoral indices on the NSE closed in the green.
Sub-indices Nifty Media, Nifty Consumer Durables, Nifty Oil & Gas, and Nifty Realty outperformed the index, rising 1.24%, 0.48%, 0.47%, and 0.78%, respectively.
On the BSE, leading stocks such as Nestle India, L&T, TCS, Power Grid, Tata Motors, SBI, Airtel, HUL, and HCL Tech gained up to 2.33%.
Of the 3,613 stocks traded on the BSE during the last session, 2,415 closed with gains, 1,073 ended lower, and 125 remained unchanged.
The domestic exchanges will reopen on Tuesday, May 21, 2024.
Nifty Outlook:
"Nifty remains within the channel, closing above 22,500 for the first time in several days. However, a small-bodied candle on daily charts suggests very little about the future direction of the price. Additionally, heavy writing is visible in both 'CALL' and 'PUT' at 22,500, indicating a sense of inflection. Therefore, traders need to be watchful in the initial hour to confirm any directional move. Support is visible at 22,400. On the higher end, a sustained move can take the index towards 22,600 and higher in the short term," said Rupak De, Senior Technical Analyst at LKP Securities.
In conclusion, the Indian stock markets, including NSE and BSE, are closed today due to the General Elections (Lok Sabha).
Despite the closure, the markets had a positive performance in the previous session, with significant gains across various indices and sectors.
The exchanges will resume trading on Tuesday, May 21, 2024.
Investors are advised to stay informed and consult financial advisors for guidance on future market movements.
Disclaimer: We provide stock market news for informational purposes only and it should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Related Questions
1. Why are the Indian stock markets closed today?
The Indian stock markets are closed today in observance of the "General Elections (Lok Sabha)." This includes the equity segment, equity derivative segment, SLB segment, currency derivatives, commodity derivatives, and electronic gold receipts segments.
2. What was the performance of the NSE Nifty and BSE index in the previous session?
In the previous session, the NSE Nifty closed 36 points, or 0.16%, higher at 22,502. The 30-share BSE index rose 89 points, or 0.12%, to 74,006.
3. How did mid- and small-cap shares perform in the previous session?
Mid- and small-cap shares performed well, with the Nifty Midcap 100 up 0.51% and Nifty Smallcap 100 rising 0.82% in the previous session.
4. Which sectoral indices on the NSE closed in the green in the last session?
All 16 sectoral indices on the NSE closed in the green. Notably, Nifty Media, Nifty Consumer Durables, Nifty Oil & Gas, and Nifty Realty outperformed, rising 1.24%, 0.48%, 0.47%, and 0.78%, respectively.
5. What is the Nifty outlook according to Rupak De, Senior Technical Analyst at LKP Securities?
Rupak De, Senior Technical Analyst at LKP Securities, noted that Nifty remains within the channel, closing above 22,500 for the first time in several days. However, he mentioned that a small-bodied candle on daily charts suggests little about future price direction, with heavy writing visible in both 'CALL' and 'PUT' at 22,500, indicating a sense of inflection. Traders should be watchful in the initial hour to confirm any directional move, with support at 22,400 and potential upward movement towards 22,600 and higher in the short term.
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