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NSE, BSE shut today on account of Republic Day – Moneycontrol.com

The National Stock Exchange of India (NSE) and the BSE will remain closed on January 26 on account of Republic Day.

Wholesale commodity markets, including metal and bullion, are also shut. And there is no trading activity in the forex and commodity futures markets either.

Benchmark indices fell for the third straight session on January 25 amid selling in heavyweights and fresh dispute between India-China at Sikkim border.

At close, the Sensex was down 530.95 points or 1.09% at 48,347.59, and the Nifty was down 133.00 points or 0.93% at 14,238.90.

“Markets traded volatile and lost nearly a percent, in continuation to the prevailing corrective phase. The benchmark opened on a firm note following positive global cues however it pared all its gains no time and hovered range-bound thereafter. Dometic cues viz. decline in index major, Reliance, post the results and news of fresh feud between India-China at Sikkim border dented the sentiment. Finally, the Nifty index ended lower by 0.9% at 14,238.9 levels. On the sector front, except healthcare and metals, all the other indices ended with losses wherein Oil & Gas, IT and Auto were the top losers. The broader indices were trading under pressure from the beginning and lost in the range of 1.2% each,” said Ajit Mishra, VP – Research, Religare Broking.

“It’s a holiday-shortened week and we expect volatility to remain high ahead also due to the scheduled expiry of January month derivatives contracts. Besides, we’re seeing participants speculating on the probable announcements in the Union Budget, which is further adding to the volatility. Amid all, we reiterate our view that a decisive close below 14,200 in Nifty would derail the present momentum, so participants should align their positions accordingly,” he added.

Reliance Industries, IndusInd Bank, HCL Technologies, Tata Motors and Eicher Motors were among major losers on the Nifty, while gainers included Grasim Industries, UPL, Cipla, Hero MotoCorp and Axis Bank.

Except metal and pharma all other sectoral indices ended in the red. BSE Midcap and Smallcap indices shed over 1 percent each.

Indian rupee ended flat at 72.95 per dollar against Friday’s close of 72.97 and traded in the range of 72.88-72.97.

“Indian markets witnessed a highly volatile trade and closed in red due to weak global market and reports of Indo-China border tension. The downside was equally contributed by all the sectors except pharma which traded in the green. Policy decisions of the US Fed meeting which will commence tomorrow will drive the global market in the coming days,” said Vinod Nair, Head of Research at Geojit Financial Services.

“We have seen Indian markets being highly volatile these days and this trend is expected to continue this week as we inch closer to the Union Budget,” he added.