78th Independence Day, Ekadashi: Trading Closed On Stock Market On August 15; What To Expect On Friday?

Indian stock market is closed on August 15, due to the celebration of the 78th Independence Day and on the auspicious occasion of Ekadashi. In the previous session, Sensex and Nifty witnessed a lacklustre trend, however, metal and IT stocks witnessed massive momentum.

On August 15, trading will not be available in equity, equity derivative, SLB, currency, and currency derivative segments. Even commodities trading such as buying and selling in gold, silvers, F&O, crude and others will be closed too.

BSE and NSE offices will be shut too. Also, the settlement of transactions in the capital market will be closed, meaning, CDSL and NSDL.

Prime Minister Narendra Modi will lead the Nation in celebrating the 78th Independence Day from the historic Red Fort in Delhi on August 15, 2024. He will unfurl the National Flag and deliver the customary address to the nation from the ramparts of the iconic monument. The theme of this year's Independence Day is 'Viksit Bharat @ 2047'.

In the previous session, the stock market wrapped up with a muted trend, marking a largely uneventful day for investors. The indices managed to break their two-day losing streak, but gains were marginal and market sentiment remained subdued, reflecting a tug-of-war between buying in the Information Technology (IT) sector and selling pressure across most other sectors. The BSE Sensex ended the day with a slight rise of 165 points, closing at 79,121, while the NSE Nifty edged up by just 4 points to settle at 24,143.

What To Expect On Friday?

According to Ajit Mishra - SVP, of Research, Religare Broking, with no major domestic triggers, participants are now looking to global markets for direction. An intermediate recovery in the US markets is providing some relief, but ongoing pressure in select heavyweight stocks across sectors is limiting the recovery.

Mishra added, "In light of the uncertain outlook, we recommend maintaining a cautious stance and adopting a hedged approach until there is more clarity on the market's next move."

Further, shedding light on the latest ruling on past tax dues and its impact on metal stocks, Vikram Kasat, Head-Advisory, PL Capital - Prabhudas Lilladher said, "The Supreme Court's recent ruling allowing states to recover past tax dues from April 2005, without any interest, is negative for the entire metals sector. The dues are to be paid over the next 12 years starting from April 2026. Tata Steel has already accounted for Rs 170 billion as a contingent liability in its annual reports. However, SAIL and NMDC are likely to be impacted the most, with potential dues estimated at Rs 46 billion and Rs 62 billion, respectively, for iron ore mining. This ruling could also impact cement companies and may contribute to rising inflation, which in turn could delay potential rate cuts."

Moreover, Shrikant Chouhan, Head of equity Research, at Kotak Securities said that technically, after a muted opening entire day market witnessed narrow range activity. The intraday non-directional activity indicates indecisiveness between the bulls and the bears.

Chouhan added, "We are of the view that the intraday market texture is non-directional perhaps traders are waiting for either side breakout. For the day traders, 24215/79300 would be the key level. Above the same, we could expect one quick pullback rally up to 24250-24300/79500-79750. On the flip side, below 50-day SMA (Simple Moving Average) or 24050/78900, the selling pressure intensified. Below which, the market could slip till 23900/78500. Further downside may also continue which could drag the index till 23840/78300."

In a year, from the 77th to the 78th Independence Day, Sensex has surged by 13,566.46 points or 20.70%, while Nifty 50 rallied by 4,678.75 points or 24.04%.