Due to Mahashivratri, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will be closed on March 8. The interest rate derivatives section will be closed for the day, along with trading in stocks, currency derivatives, SLBs, and derivatives on derivatives.
On March 8, the commodities derivatives section will similarly be closed in the morning but open in the evening.
On Monday, March 11, trading on the NSE and BSE will restart.
On March 7, the market finished a rangebound day flat, unable to expand on the opening gains. In the first trade, the major indices surged to new all-time highs, with the Nifty crossing 22,500 for the first time.
The Nifty50 index also reached a new high of 22,525.65, closing 19.50 points or 0.09 percent higher at 22,493.50. The BSE Sensex also reached a new record high of 74,245.17, but ended 33.40 points (0.05 percent) higher at 74,119.39.
The shortened week saw gains of 0.5 percent for both the Nifty and the BSE Sensex.
Among the top Nifty gainers were Tata Steel, Bajaj Auto, Tata Consumer, Tata Motors, and JSW Steel; losers were M&M, BPCL, Reliance Industries, Axis Bank, and ICICI Bank.
Among the sectors, metals, capital goods, media, and FMCG all saw 1-2.5 percent declines, while bank, oil and gas, car, and real estate all saw losses. The BSE SmallCap index increased by 0.7 percent, while the MidCap index added 0.3 percent.
“The Nifty began the day flat and steadied throughout the day. It closed with a slight gain of 19 points in the green. We can see from the daily charts that the Nifty managed to hold onto its gains and then consolidate ahead of a long weekend. We anticipate that the uptrend will resume in the upcoming week, with the consolidation serving as a minor break in the general rise.
“Key hourly moving averages are positioned in this region and can draw buying attention, thus a decline towards 22,390–22,340 should be viewed as a buying opportunity. Positively, from a short-term standpoint, 22,570–22,600 will serve as an immediate barrier,” he stated.
Bank Nifty traded between 47,442 and 48,161 from the previous trading session, showing some profit-booking. According to Gedia, it is gradually approaching its support zone, which is between 47,680 and 47,560. This zone has the potential to be a trend resumption region, thus declines towards the support zone should be viewed as a buying opportunity.
The Indian Rupee closed at 82.78 versus the US dollar on Thursday, up from its closing value of 82.83 on Wednesday.
With the help of a weak dollar, the rupee showed resilience, rising 0.10 to hit 82.76 and closing below 103.20. Furthermore, there was a minor decrease in oil prices, which fell by 1.15 percent. The bottom end of the USDINR’s basing range appears to have been breached, indicating that the rupee is likely to continue its upward trajectory and eventually reach the 82.50 zone.