While BSE and NSE have declared a trading holiday on the election day, commodity trading on MCX will open only for the evening session.
As per the BSE holiday calendar, trading holidays have been announced for 16 days in 2024. So far, they have been closed on 14 occasions this year. The last time they were closed was on November 1, Friday for Laxmi Pujan.
After the Maharashtra election day holiday, markets will remain closed on Wednesday, December 25, for Christmas.
On Thursday, the 30-share BSE benchmark Sensex declined 110 points or 0.14% to settle at 77,580, while the broader NSE Nifty dropped 26 points or 0.11% to end at 23,532.
The current weakness is on account of relentless selling by foreign institutional investors (FIIs) and market experts see a further 10% correction from current levels.Nifty has already fallen 10% from its September 27 record high of 26,277 and now analysts are giving out targets as low as 21,300 for India’s headline index. Typically, a fall of 10% is considered a correction zone and a drop of 20% from the peak would place Dalal Street officially in the bear market zone.”The domestic market is in correction terrain; from the recent peak, the main indices, Nifty and Sensex, have corrected around 10%. Weakness in Q2FY25 results and sustained outflow of foreign funds weighed on the sentiment. On the other hand, a spike in domestic CPI inflation to a 14-month high of 6.2%, a firm dollar index, and a rising US 10-year yield signal that the volatility will continue in the short term,” said Vinod Nair, Head of Research, Geojit Financial Services.
FIIs have pulled out a record Rs 1.2 lakh crore from Dalal Street since Nifty’s September peak as weak Q2 earnings are leading to downgrades.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
