BSE and NSE are closed today due to Ganesh Chaturthi

On August 30, the Nifty was up 446.40 points or 2.58% at 17,759.30 while the Sensex was up 1,564.45 points or 2.70% at 59,537.07.

Advertisement

For Ganesh Chaturthi on August 31, both the BSE and the National Stock Exchange of India (NSE) will be closed.

Also closed will be the wholesale markets for commodities, such as metal and bullion. The foreign exchange market and the futures markets for commodities will also be closed.

The US Federal Open Market Committee’s recent Friday’s actions had sparked gloomy sentiment, which the Indian indexes rapidly overcome. Tuesday, August 30, the last trading day of the month, saw a rebound in the markets following the sharp decline on Monday, August 29.

The Nifty was up 446.40 points or 2.58 percent at 17,759.30, while the Sensex gained 1,564.45 points, or 2.70 percent, to close at 59,537.07.

“Massive short covering as well as value buying at lower levels helped indices recoup all the losses after the Jackson Hole event. Nifty made smart gains on the last trading session of August to close at record monthly closing of 17,759 as against the previous monthly closing high of 17,671 in October 2021,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.

In spite of a record growth of 8.7 percent in July 2022, Nifty was able to grow 3.5 percent in August 2022 thanks to this. This demonstrates the innate robustness of home markets despite negative global inputs. Mid and small caps continued to excel, with gains of 6% and 5%, respectively, in August 2022.

“Nifty has crossed and closed above key short-term resistance levels. If it manages to sustain the positivity, we could see momentum towards 18,000-18,200 zones while support levels have moved higher to 17,500-17,450. Markets will remain closed on Wednesday on account of Ganesh Chaturthi,” he added.

With gains ranging from 3.9 to 5.4 percent, the Bajaj twins, Bajaj Finserv and Bajaj Finance, IndusInd Bank, Tech Mahindra, and Tata Motors were the top gainers on the Nifty.

Nifty Realty outperformed all other sectors with gains of 3.49 percent, closely followed by financials with gains of 3.4 percent. Nifty IT, Auto, Metal, and FMCG all experienced rises of over two percent.

BSE Midcap and BSE Smallcap both saw gains of 1.9 and 1.4 percent, respectively.

In comparison to Monday’s close of 79.96, the rupee closed the day on August 30 up 51 paise at 79.45 to the dollar.

“Rupee was one of the strongest currencies yesterday. Over the near term, we could see more downside, possibly towards 79.25/30 levels on spot, on account of long liquidations but once the positioning becomes light, we could see dollar-rupee rebound due to strong US Dollar Index. We expect a range of 79.25 and 79.85 on spot,” said Anindya Banerjee, vice-president, currency derivatives and interest rate derivatives, Kotak Securities.