Due to Ganesh Chaturthi, both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) will be closed on September 19. Securities lending and borrowing, interest rate derivatives, currency derivatives, and equities and equity derivatives will all remain closed.
From 9am to 5pm, wholesale commodities markets, including those for metal and gold, will be closed. From 5pm until 11:30/11:55pm, they will be open.
The main Indian indices fell close to their lows for the day on September 18, with the Nifty ending at 20,133.30, down 59 points or 0.29 percent, and the Sensex plunging 241.79 points or 0.36 percent to 67,596.84.
Hindalco Industries, Jio Financial, HDFC Bank, Bharti Airtel, and Adani Ports were among the top losses on the Nifty, while Titan Company, M&M, BPCL, HDFC Life, and Power Grid Corporation were among the top gainers.
On a sectoral level, the PSU Bank index increased by 3.4 percent, the power, auto, and FMCG indices up by 0.5 to.8 percent, the real estate and metal indices decreased by 1 percent each, and the bank, IT, pharmaceutical, and pharmaceutics indices down by 0.5 percent each.
The BSE smallcap index decreased 0.5 percent, while the midcap index dropped 0.25 percent.
The Nifty index has been consolidating within a wide range, and at higher levels, there has been noticeable call writing activity. According to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, this indicates that market players are wary and have been selling call options to protect themselves against potential downward swings.
“It is anticipated that the index’s sideways trend will continue in the ensuing trading sessions. This is explained by the anticipation of the US Federal Reserve (US Fed) meeting’s conclusion, an important event that could have an effect on the world’s financial markets.
Support and resistance for the index are located at 20,100 and 20,200, respectively. A break on either side of this range will probably result in trending swings, which could have an impact on the market’s direction, the analyst continued.
Compared to Friday’s finish of 83.18, the rupee slightly depreciated on Monday, ending the day at 83.27 to the dollar.
The Indian rupee hit yet another record low before the holiday as a result of investors’ increased risk aversion and a rise in crude oil prices. Following a series of central bank policy rate meetings in both developed and emerging market economies, this week will continue to be quite volatile. The dollar’s ability to maintain its strength throughout the week is the baseline,
“In the near term, spot USDINR is expected to cross the record high and may see a level of 83.50 to 83.70 while it could hold the support of 83,” the analyst continued.