Eid al-Adha 2024: Stock Markets Shut on Occasion of Bakri Eid; Asian Markets Open With Mixed Trends
The Indian stock market is closed for trading today in observance of Bakri Eid, with trading set to resume on Tuesday, as stated on the National Stock Exchange's (NSE) official website.
New Delhi, June 17: The Indian stock market is closed for trading today in observance of Bakri Eid, with trading set to resume on Tuesday, as stated on the National Stock Exchange's (NSE) official website. The closure includes all segments, including stocks, derivatives, and SLBs (Securities Lending and Borrowing). Additionally, the Multi Commodity Exchange of India Limited (MCX) is be closed for the morning session but will open in the evening from 5:00 PM until either 11:30 PM or 11:55 PM.
Last week, the Nifty-50 Index and the BSE Sensex posted marginal gains of 0.5 percent each, reaching new all-time highs as market expectations turned more bullish. The mid-cap index outperformed other segments with a gain of approximately 3.6 percent, and the small-cap index rose by 5 percent, outperforming the large-cap stocks. This boost in market sentiment indicates a stabilization following the Lok Sabha elections. Eid-ul-Adha 2024: Devotees Offer Namaz Across India on Eid Al Adha Festival, Children Greet Each Other To Celebrate Bakrid (Watch Videos).
Market experts attribute this momentum to better-than-expected fourth-quarter FY24 earnings in several key sectors. From an economic perspective, May's Consumer Price Index (CPI) inflation was recorded at 4.75 percent, which is close to April's figure of 4.83 percent, while food inflation stood at a higher 8.7 percent. Most sectoral indices saw weekly gains, with sectors like Capital Goods, Consumer Durables, Oil and Gas, Auto, Metals, Realty, and Power rising between 1.5 percent and 5 percent.
The Bank Nifty experienced only slight gains during the week. In contrast, the IT and FMCG indices each declined by around 1 percent. "Both Foreign Portfolio Investors (FPIs) and Domestic Institutional Investors (DIIs) were net buyers throughout the week. Moving forward, D-Street will focus on macroeconomic trends, inflation, and global developments, including geopolitical concerns," commented Shrikant Chouhan, Head of Equity Research at Kotak Securities. Eid al-Adha 2024 Wishes: PM Narendra Modi, President Droupadi Murmu and Other Leaders Extend Greetings of Bakrid.
In the Asian markets on Monday, Japan's Nikkei 225 index opened on a bearish note, declining more than 700 points to 38,106.41. Conversely, the markets in Hong Kong saw gains, with the Hang Seng index rising by 100 points to 18,041.60. Taiwan markets also opened with a marginal gain. However, markets in China showed a bearish trend, with the Shanghai Composite Index declined to 3,016 points at the time of filing this report.
Market experts highlight that the upcoming week will likely see a continued focus on macroeconomic factors, inflation rates, and international political developments, all of which could significantly impact market performance. As the Indian market resumes trading on Tuesday, investors will be closely watching for any shifts in these key areas to gauge future market directions.