Share Market Holiday: The Bombay Stock Exchange and National Stock Exchange will remain shut on September 10 on account of Ganesh Chaturthi.
Even wholesale commodity markets, including metal and bullion, will also be closed today. The trading activity will not take place in the forex and commodity futures markets either.
Ganesh Chaturthi, which is also known as Vinayak Chaturthi, is a Hindu festival.
The market continued to consolidate for yet another session on September 9 amid weak global cues. The BSE Sensex rose 54.81 points to close 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 attract buyers leading to 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 ahead of the European Central Bank meeting and slowdown in economic recovery pulled global markets lower.
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.
Share Market Holiday: On the weekly basis, the benchmark indices gained third of a percent but failed to show the optimism seen in 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 kind of pattern formation on the weekly scale. Overall the index remained in a range of 17,300-17,400 levels throughout the week.
“The Nifty had a muted week after a strong run up in the penultimate week. The index had reached upper end of a rising channel on the daily chart & thereon it has slipped into a short term consolidation. The hourly upper Bollinger Band, which has got flattened in the last few 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 cool off, he said. “So the consolidation is expected to continue further over the next few sessions. For the short term, 17,000-17,500 is expected to be the range for the Nifty.”
The Indian rupee strengthened for the first 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 with LIC IPO updates kept positive movement with liquidity on equities. Rupee range ahead can be seen between 73.40-74.80,” said Jateen Trivedi, Senior Research Analyst at LKP Securities.