Market Closed Today: Stock Market Holiday – BSE, NSE Shut for Lok Sabha Polling

by | May 20, 2024 | 0 comments

Market Closed Today

Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) market closed today, May 20th to allow for the fifth phase of voting in General Elections(Lok Sabha). As such, no trading will occur today in the derivatives including equities, SLBs(Stock Lending and Borrowing), currency derivatives and interest rate derivatives.

In commodity derivatives segment, it will remain closed during morning session from 9am to 5pm but reopens at evening session from 5pm till 11.55 pm.

Trading on both NSE and BSE shall resume on Tuesday May 21st.

May 18th Market Performances

In a special trading session held on May 18th, the domestic markets remained positive for the third consecutive day. Sensex as well as Nifty indices were up by a mere 0.1%. Broader markets overperformed benchmark indices.

Sensex rose by 88.91 points or .12% to close at74,005 while that of Nifty added35.90 points or .16% to close at 22,502.

Read Also: Trading and Stock Market Holidays for 2024

Sectoral Performance

The top gainer among sectors was the Nifty Media index led by Zee Entertainment which earned₹13 crore profit in Q4FY24. Consequently, Nifty Energy and Nifty Infrastructure also made marginal increases of upto .3% on May 18th.

Technical Analysis

Commenting on this Rupak De Senior Technical Analyst LKP Securities said “Nifty is within the channel but after many days again crossing above 22500 mark with small body candle suggesting minimal clue for future direction of prices. In case we see a closing above this level then we can expect further extension towards northward side otherwise some retries are likely downwards due to current overbought scenario created in market.”

“For that matter support is visible around Rs22400 levels while sustained move can take the index towards Rs22600 and higher in a very short term,” he added.

Indian Rupee Performance

On Friday, Indian rupee gained 17 paise to close at 83.33 per dollar as compared with Thursday’s closing of 83.50.

Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, commented “With Indian capital market receiving favourable response for the positive voting counts along with expectation of the current government continuing in power; overall it has been good support for rupee. Inflows from Domestic Institutional Investors (DII) have helped in keeping the rupee stable while RBI’s strict zero speculation norms further restricted any major downside movement. Going ahead, we expect the pair to trade on positive note with having support at Rs83.10/USD and resistance at Rs83.55/USD.”

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