Stock Market to Observe Bakri Eid Holiday; Nifty and Sensex Gain 0.5% Last Week

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Mumbai: The stock market will remain closed on Monday in observance of Bakri Eid. Trading activities are scheduled to resume on Tuesday, as per the National Stock Exchange’s (NSE) official announcement.

All market segments, including stocks, derivatives, and SLBs, will be closed on Monday. The Multi Commodity Exchange of India Limited (MCX) will also be closed for the morning session on June 17 but will reopen in the evening from 5:00 PM onwards until either 11:30 PM or 11:55 PM.

Last week, both the Nifty-50 Index and BSE Sensex registered modest gains of 0.5%, reaching new all-time highs amid increasing market optimism. The mid-cap index outperformed with a gain of approximately 3.6%, while the small-cap index surged by 5%, outpacing large-cap stocks. This upturn in market sentiment indicates a stabilizing trend post the Lok Sabha elections.

Market analysts attribute this positive momentum to better-than-expected earnings in key sectors for the fourth quarter of FY24.

On the economic front, May’s Consumer Price Index (CPI) inflation stood at 4.75%, slightly below April’s 4.83%, with food inflation at 8.7%. Most sectoral indices recorded weekly gains, with Capital Goods, Consumer Durables, Oil and Gas, Auto, Metals, Realty, and Power sectors showing increases ranging from 1.5% to 5%.

Bank Nifty witnessed marginal gains, whereas the IT and FMCG indices each experienced declines of about 1%.

“Throughout the week, both Foreign Portfolio Investors (FPIs) and Domestic Institutional Investors (DIIs) remained net buyers. Looking ahead, market focus will be on macroeconomic trends, inflation dynamics, and global geopolitical developments,” commented Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Elsewhere in Asia, the yen weakened beyond the 158 per dollar mark following the Bank of Japan’s decision to outline its bond purchase plan at the July meeting, deferring any reduction in purchases until then. The Bank of Japan maintained its benchmark rate within the range of 0% to 0.1%.

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