Market Holiday Today: BSE, NSE to remain closed on account of Maharashtra Day
On April 28, the S&P BSE Sensex was up 463.06 points or 0.76% at 61,112.44, and the Nifty was up 150.00 points or 0.84% at 18,065.
Indian equity benchmarks would remain closed on Monday, as per the BSE website. The domestic benchmarks would be shut today to mark Maharashtra Day. The equity derivative segment and the SLB (Security Lending and Borrowing) segment would also remain closed.
Commodity markets would be closed for the morning session and trading would be open during the evening session (5:00 pm to 11:30/11:55 pm).
In May 2023, there are nine stock market holidays, including Saturdays and Sundays.
In the previous session, the domestic benchmarks extended their gains for the seventh straight session. The 30-share benchmark BSE Sensex pack surged 463 points, or 0.76 per cent, to settle at 61,112 on Friday, while the broader NSE Nifty index closed 150 points, or 0.84 per cent, up at 18,065.
Mid and smallcap shares finished higher, with the Nifty Midcap 100 up 1.24 per cent and Nifty Smallcap 100 rising 0.83 per cent. Fear index India VIX fell 4.17 per cent to 10.95.
14 out of the 15 sectoral indices on NSE settled in the green. Sub-indices Nifty PSU Bank, Nifty IT, Nifty Healthcare, Nifty FMCG and Nifty Auto outperformed the index by rising 2.45 per cent, 1.29 per cent, 1.09 per cent, 0.96 per cent and 0.90 per cent, respectively. In contrast, Nifty Consumer Durables settled 0.31 per cent lower.
On BSE, Edelweiss Financial Services, Llyods Metala and Energy, CEAT and PI Industries jumped up to 16.41 per cent.
"Foreign portfolio investors (FPIs) appear to have changed their investment strategy in India in recent days. While they were sellers in the initial three months of this year, they have turned buyers in April and aggressive buyers in the last few days of April. FPIs have bought equity worth Rs 9,752 crore till April 29," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"FPIs are likely to bring more inflows into India in this context. They have been buying in financial services and auto and auto components," Vijayakumar added.
Technical view: Nifty outlook
"The abundance of bullish continuation patterns had encouraged us to set aside collapse fears so far, and even raise our upside expectations from 17,976 to 18,300. As we are at the upper extremity of a broadening declining wedge that has held prices throughout the year so far, the pace and breadth of moves are likely to change. We will begin this phase, by spotlighting 18,110 as a point of vulnerability, which may be acted upon only if the subsequent turn lower extends beyond 17,880. Else, expect the Nifty to head into the 18,200-18,300 region or even 18,600," said Anand James, Chief Market Strategist at Geojit Financial Services.
Nifty Bank outlook
"Nifty Bank continues to remain in strength despite the subdued move from the most heavyweight. The index has remained above the consolidation breakout point on the daily chart. Besides, the index has remained above the critical moving average. The trend will likely remain positive as long as it remains above 43,000 on a closing basis. On the higher end, Bank Nifty might move towards 43,300/43,500 over the near term," said Rupak De, Senior Technical Analyst at LKP Securities.
