Stock Market Holiday: Trading On BSE, NSE Closed Today

Trading in the Indian stock market is closed on Tuesday due to the celebration of Diwali Balipratipada across India. Yesterday, the market closed in red owing to uncertainty in global cues.

Today, trading is closed in equity, equity derivatives, currency derivatives and SLB segments. Not just that many banks in cities like Ahmedabad, Belapur, Bengaluru, Gangtok, Mumbai, and Nagpur are closed on the occasion.

On Monday, Sensex closed at 64,933.87, lower by 325.58 points or 0.50%. Nifty 50 ended at 19,443.55, down by 82 points or 0.42%. Further, Bank Nifty dipped by 105.40 points or 0.24% to end at 43,891.25.

Meanwhile, the Indian rupee closed at 83.3150 against the US dollar, appreciating slightly from last week's print of 83.3375 per dollar. Also, on November 13th, foreign institutional investors (FIIs) sold Rs 1,244.44 crore worth of Indian stocks, on the contrary, to domestic institutional investors (DIIs) who purchased Rs 830.40 crore.

Vinod Nair, Head of Research at Geojit Financial Services said, "Post-Diwali, Indian equities continued consolidation amid global uncertainty. The sharp deceleration in IIP growth, from 10.3% in August to 5.8% in September, and weakening Manufacturing PMI reflect global trends driven by rising interest rates and inflation. The Indian Rupee's weakness keeps FIIs cautious. However, the market's downside is limited by strong earnings, economic stability, and domestic institutional flows. A potential reversal is likely, as domestic October CPI inflation is expected to moderate. Notably, public sector banks are outperforming due to strong credit growth, improved asset quality, and robust balance sheets, and this trend is expected to persist."

Tomorrow, markets will react to India's CPI inflation data which dropped to its lowest in four months 4.87% in October 2023 owing to a decline in various product categories. In the previous month, the retail inflation rate stood at 5.02%. Inflation is currently closer to RBI's medium-term target of 4% and below the upper tolerance limit for the second consecutive month.

Further, Goldman Sachs has upgraded its outlook on the Indian share market to 'overweight' from 'market weight'. The American investment and financial services provider expects the market to continue to gain in 2024 as India has the best structural growth prospects in the Asia Pacific region owing to economic growth prospects, steady earnings growth and domestic mutual fund inflows, and also on expectations of a supply chain shift from China.