Share Market Holiday BSE, NSE shut today on account of Ganesh Chaturthi

The Bombay stock market and National stock market will remain shut on September 10 on account of Ganesh Chaturthi.

Even wholesale commodity markets, including metal and bullion, also will be closed today. The trading activity won’t happen within the forex and commodity futures markets either.

Ganesh Chaturthi, which is additionally referred to as Vinayak Chaturthi, may be a Hindu festival.

The market continued to consolidate for yet one more session on September 9 amid weak global cues. The BSE Sensex rose 54.81 points to shut at 58,305.07, while the Nifty50 rose 15.80 points to 17,369.30.

“Domestic markets were highly volatile tracking negative cues from global peers amidst selling seen in realty and pharma stocks. However, mid and small-cap stocks continued to draw in buyers resulting in its outperformance,” said Vinod Nair, Head of Research at Geojit Financial Services.

He further said regulatory crackdown in China, global concerns over the looming reduction in asset purchases before the ecu financial institution meeting and slowdown in economic recovery pulled global markets lower.
The Indian rupee strengthened for the primary time in last four days and closed 18 paisa higher at 73.58 against the US dollar on September 9 on profit booking in dollar.

“Positive trigger on vaccine drive along side LIC IPO updates kept positive movement with liquidity on equities. Rupee range ahead are often seen between 73.40-74.80,” said Jateen Trivedi, Senior Research Analyst at LKP Securities.
Select metal, IT and FMCG stocks supported the market, whereas selling in select banks, and Reliance Industries capped the upside. The broader markets – Nifty Midcap 100 and Smallcap 100 indices gained 0.29 percent and 0.64 percent, respectively.

On the weekly basis, the benchmark indices gained third of a percent but did not show the optimism seen within the previous week amid weakness in global peers and absence of fresh domestic cues.

Technically, the Nifty50 formed bullish candle on the daily charts and saw doji quite pattern formation on the weekly scale. Overall the index remained during a range of 17,300-17,400 levels throughout the week.

“The Nifty had a muted week after a robust run up within the penultimate week. The index had reached upper end of a rising channel on the daily chart & thereon it’s slipped into a brief term consolidation. The hourly upper Bollinger Band, which possesses flattened within the previous couple of sessions, is acting as a barrier on the upside,” said Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas.

The daily momentum indicator reached the overbought zone and is looking to chill off, he said. “So the consolidation is predicted to continue further over subsequent few sessions. For the short term, 17,000-17,500 is predicted to be the range for the Nifty.”