Stock markets will remain shut on Tuesday on account of Ganesh Chaturthi. Accordingly, all the segments, including the equity, derivative, and SLB segments, will be closed.
The multi-commodity exchange will also be closed for the first half, but will remain open for the evening session from 5:00 pm.
In the entire calendar year, the markets have 15 annual holidays in 2023, two more than last year.
Domestic Indices were off record highs on Monday, with the Sensex ending a 11-session winning streak, as investors remained cautious ahead of the US Federal Reserve’s interest rate decision.
The BSE Sensex declined 242 points to settle at 67,597, while the Nifty dropped 59 points to end at 20,133.
“The investor’s confidence was also impacted by the expectations of a demand resurgence in China, combined with crude supply cuts. With the Fed rate hike fears back on the cards, as reflected in the elevated US bond yields, the markets await clarification from major central banks,” said Vinod Nair, Head of Research at Geojit Financial Services.
Midcap and smallcap stocks, which had turned volatile recently amid concerns over valuations, shed 0.4% and 0.5% respectively.
India’s public sector banks, meanwhile, rose for the fourth straight day, climbing 3.4% to a fresh record high, although broader banking stocks slipped 0.5%.
Technically, the sideways trend in the index is expected to persist in the upcoming trading sessions in anticipation of the Fed decision.
“The index has support at the 20100 level and resistance at 20200. A break on either side of this range is likely to lead to trending moves, with potential implications for market direction,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
The Fed policy outcome, which is due on Wednesday, will likely shape the market direction going forward. Analysts expect the world’s largest central bank to keep the key rates unchanged.
