Indian benchmark indices, the National Stock Exchange of India (NSE) and the BSE, will remain shut on November 8 on account of the Gurunanak Jayanti
Indian benchmark indices, the National Stock Exchange of India (NSE) and the BSE, will remain shut on November 8 on account of the Gurunanak Jayanti. This will be the last trading holiday for the calendar year 2022. In total there were 13 trading holidays during the year.
As per the BSE website, there will be no trading in the equity segment, equity derivative segment, and SLB segment today. However, commodity markets, which will remain closed for the morning session, will open in the evening. For traders in commodities, Multi Commodity Exchange (MCX) will open during the second half of the session from 5 pm to 11.30 pm. Similarly, the National Commodity & Derivatives Exchange Limited (NCDEX) will resume operations from 5 pm till 9 pm. The exchanges (NSE and BSE) will resume trading on Wednesday, November 9, 2022, after the holiday.
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On November 7, the Sensex gained 234.79 points or 0.39 per cent to close at 61,185.15, and the Nifty was up 85.60 points or 0.47 per cent to 18,202.80.
Britannia, SBI, Adani Enterprises, BPCL and Eicher Motors were the top Nifty gainers, while Divis Labs, Asian Paints, Cipla, Bajaj Finserv and Adani Ports were the top losers.
Among sectors, the metal index closed with a gain of 1.6 per cent while auto edged up 1.3 per cent. Nifty Oil & Gas and Realty indices gained nearly 1 per cent each. BSE midcap and smallcap indices climbed 0.6 per cent each.
“Although markets witnessed a roller-coaster ride in the intra-day session, key indices maintained their upward bias on the back of firm global cues. Another positive factor has been the sharp fall in the rupee level against the dollar, which, if continues, could further bolster foreign institutional investors buying into local shares,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
“Technically, the Nifty is holding a higher bottom formation but at the same time, it is consistently taking resistance near 18,260 levels. In addition, on daily charts, the index has formed a Doji candlestick pattern which is indicating indecisiveness between the bulls and bears,” Chouhan said.
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“For trend-following traders, 18,050 and 18,000 would act as key support levels. If the index trades above 18,050, it could hit 18,300-18,350 levels. On the flip side, below 18,050, Nifty could retest the level of 17,950-17,900.”
Meanwhile, the rupee hit a more-than-one-month high after a late-session rally on Monday, as Asian stocks and currencies remained resilient despite negative news out of China, with improved risk sentiment weighing on the dollar. The rupee jumped 0.63 per cent to a session high of 81.92 per dollar and also closed at that level, its highest since Oct. 3.
