Indian stock market to remain shut on Ganesh Chaturthi

Mumbai: There will be no trading at the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Wednesday on the account of Ganesh Chaturthi festival.

Trading in derivatives, equities, Securities Lending and Borrowing (SLB), currency derivatives and interest rate derivatives will remain shut for the day.

The commodity derivatives segment will be closed in the morning from 9 am to 5 pm and will open for the evening session from 5 pm to 11.55 pm. Trading on the NSE and BSE will restart on August 28 (Thursday).

Further, US tariffs on India are set to increase significantly as new tariffs of 25 per cent will take effect on Wednesday, raising total duties on exports to the US to 50 per cent. Its impact on the Indian stock market will be seen on Thursday.

India’s top exports to the US include engineering and electronic goods, drugs and pharmaceuticals, and gems and jewellery, as per government data.

On August 26, Indian equity indices closed lower, as the Sensex inched down by 849 points, or 1.04 per cent, to 80,786.54. The Nifty fell 255 points, or 1.02 per cent, to 24,712.

Among the Nifty pack, the biggest losers were Shriram Finance, Sun Pharma, Tata Steel, Bajaj Finance, and Trent. Gainers were Eicher Motors, HUL, Maruti Suzuki, Nestle India, and ITC.

All sectoral indices, except FMCG, closed lower. PSU Bank, metal, pharma, oil & gas, consumer durables, realty, and telecom fell by 1-2 per cent.

The Nifty dipped below the crucial support zone of 24,850, and selling pressure intensified. Analysts said that the daily charts show a long bearish candle with a lower top formation, indicating a downtrend.

The Asia-Pacific markets showed mixed results on Wednesday, breaking ranks with their Wall Street peers, as investors assessed China’s industrial profits data.

Overnight in the US markets, the Dow Jones Industrial Average rose 0.3 per cent, the Nasdaq gained 0.44 per cent, and the S&P 500 climbed 0.41 per cent.

On Tuesday, foreign institutional investors net sold Rs 6,517 crore worth of Indian equities, marking their highest selling since May 20. Meanwhile, domestic institutional investors (DIIs) net bought shares worth Rs 7,060 crore, according to provisional exchange data.

–IANS