The Indian stock market will remain closed on May 1 on account of Maharashtra Day. One of the two stock market holidays will be on May 1, which is Maharashtra Day, which commemorates the establishment of the state of Maharashtra on May 1, 1960. This happened following the linguistic restructuring of Indian states.
The commodity derivatives segment will remain closed in the morning session – from 9am to 5pm, while the evening session will remain open from 5pm to 11.55pm.
Trading on both the NSE and the BSE will resume on Thursday, May 2.
The second holiday in May for the NSE and BSE will be May 20. This is a holiday that will be observed owing to the Lok Sabha Elections on the day, which will be conducted in all six Lok Sabha seats in Mumbai as per the fifth phase of the seven-phase voting process.
On April 30, in the highly volatile session, the market erased all the intraday gains and ended lower amid selling seen in the IT, metal, media, oil & gas names.
At close, the Sensex was down 188.50 points or 0.25 percent at 74,482.78, and the Nifty was down 38.60 points or 0.17 percent at 22,604.80.
M&M, Power Grid Corporation, Shriram Finance, Hero MotoCorp and Bajaj Auto were among the top gainers on the Nifty, while losers were Tech Mahindra, BPCL, JSW Steel, HCL Technologies and Sun Pharma.
Among sectors, IT, metal, media, oil & gas, healthcare were down 0.4-1 percent, while auto, power and realty were up more than a percent each.
The broader indices outperformed the benchmarks with BSE midcap index touching fresh high and ended 0.5 percent higher, while the smallcap index ended on a flat note.
“Nifty witnessed selling pressure as it encountered resistance near the previous swing high, resulting in a weak closing. Other indicators such as the 20-day Simple Moving Average (SMA) and the 50-day SMA are positioned below the index value, suggesting that the ongoing positive trend remains intact. The Relative Strength Index (RSI) also indicates a bullish crossover,” says Rupak De, Senior Technical Analyst, LKP Securities.
“Over the next few days, the trend in the headline index might remain sideways unless it breaks above the all-time high of 22783. On the downside, immediate support is placed at 22500, below which the index might decline further,” he added.
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