While BSE and NSE have declared a trading holiday on election day, commodity trading on MCX will open only for the evening session.
As per BSE holiday calendar, trading holidays have been declared for 16 days in 2024. So far, it has been closed on 14 occasions this year. The last time they were closed was on Friday, November 1, for Lakshmi Pujan.
Markets will be closed for Christmas on Wednesday, December 25, after the Maharashtra Election Day holiday.
On Thursday, the 30-share BSE benchmark Sensex settled down 110 points, or 0.14%, at 77,580, while the broader NSE Nifty closed down 26 points, or 0.11%, at 23,532.
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The current weakness is due to incessant selling by foreign institutional investors (FIIs) and market experts see a further 10% correction from current levels.
The Nifty has fallen 10% from a record high of 26,277 on September 27 and analysts are now targeting as low as 21,300 for India’s headline index. Generally, a 10% drop is considered a correction zone and a 20% drop from the top will officially put Dalal Street in a bear market zone.
“The domestic market is in a correction mode; since the recent peak, the key indices, Nifty and Sensex, have recovered around 10%. Weakness in Q2FY25 results and continued outflow of foreign funds weighed on sentiment. On the other hand, a spike in domestic CPI inflation to 6.2% in 14 months At higher levels, a stronger dollar index and rising US 10-year yields signaled that Volatility will continue in the short term,” said Vinod Nair, head of research at Geojit Financial Services.
FIIs have taken Nifty’s September peak from Dalal Street to a record Rs. 1.2 lakh crore has been withdrawn as weak Q2 earnings lead to a downgrade.
(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)
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