MUMBAI – Trading activities on Indian stock exchanges, the Bombay Stock Exchange (BSE), and the National Stock Exchange (NSE), came to a halt today in observance of Guru Nanak Jayanti. This holiday followed a minor downturn in the market on Friday, where the BSE Sensex concluded at 65,970.04, marking a decrease of 47.77 points, and the Nifty saw a decline of 7.30 points, closing at 19,794.70.
The preceding week’s trading session exhibited a mixed performance, with certain sectors facing losses while others recorded gains. Key observations include:
IT and FMCG Sectors Decline: Losses in the IT and FMCG sectors contributed to the overall market dip.
Metals and Pharma Sectors Gain: Conversely, the metals and pharma sectors posted gains, partially offsetting the negative impact.
Resilience in Broader Market Indices: The Nifty Midcap Index displayed resilience, marking its fourth consecutive weekly gain at 0.6%.
Strength in Banking Sector: The Nifty Bank index rose by half a percent, indicating strength in the banking sector.
Sectoral Gains: Realty, metal, and pharma industries led the way in sectoral gains during the period.
Investor focus has shifted towards high-risk penny stocks, with prominent investors such as Vijay Kedia, Ashish Kacholia, Mukul Agrawal, Dilipkumar Lakhi, and Dolly Khanna holding substantial stakes in various companies. These investments vary widely in value, ranging from ₹393 crore (INR 100 crore = approx. USD 12 million) to ₹4,441 crore.
Normal trading operations are expected to resume on Tuesday following the Guru Nanak Jayanti holiday break. Looking ahead, market participants are reminded of the upcoming closure of the BSE and NSE on December 25 for Christmas celebrations.