Stock markets shut today for Eid-ul-Adha; Asian markets open with mixed trends

Indian stock market closed for Eid-ul-Adha, set to resume on Tuesday; market sentiment stabilizes post-elections with sectoral gains.

The Indian stock market is closed for trading today in observance of Eid-ul-Adha, with trading set to resume on Tuesday, as stated on the National Stock Exchange's (NSE) official website.

The closure includes all segments, including stocks, derivatives, and SLBs (Securities Lending and Borrowing). Additionally, the Multi Commodity Exchange of India Limited (MCX) is be closed for the morning session but will open in the evening from 5.00 p.m. until either 11.30 p.m. or 11.55 p.m..

Last week, the Nifty-50 Index and the BSE Sensex posted marginal gains of 0.5% each, reaching new all-time highs as market expectations turned more bullish.

The mid-cap index outperformed other segments with a gain of approximately 3.6 percent, and the small-cap index rose by 5%, outperforming the large-cap stocks. This boost in market sentiment indicates a stabilization following the Lok Sabha elections.

Market experts attribute this momentum to better-than-expected fourth-quarter FY24 earnings in several key sectors. From an economic perspective, May's Consumer Price Index (CPI) inflation was recorded at 4.75%, which is close to April's figure of 4.83%, while food inflation stood at a higher 8.7%.

Most sectoral indices saw weekly gains, with sectors like Capital Goods, Consumer Durables, Oil and Gas, Auto, Metals, Realty, and Power rising between 1.5% and 5%.

The Bank Nifty experienced only slight gains during the week. In contrast, the IT and FMCG indices each declined by around 1 percent." Both Foreign Portfolio Investors (FPIs) and Domestic Institutional Investors (DIIs) were net buyers throughout the week. Moving forward, D-Street will focus on macroeconomic trends, inflation, and global developments, including geopolitical concerns," commented Shrikant Chouhan, Head of Equity Research at Kotak Securities.