Share market holiday: BSE and NSE are closed today for Muharram

The Sensex increased by 465.14 points or 0.80 percent on August 8 to reach 58,853.07, and the Nifty increased by 127.60 points or 0.73 percent to reach 17,525.10.

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For Muharram on August 9, both the National Stock Exchange of India (NSE) and the BSE will be closed.

Additionally, all wholesale commodities markets—including those for metal and bullion—will be closed. The foreign exchange and commodity futures markets won’t be open for trading either.

On August 8, foreign investors’ purchases, the decline in the price of crude oil, and gains in the auto and metal sectors all contributed to the Indian equities benchmarks closing close to a four-month high.

The Nifty increased by 127.60 points, or 0.73 percent, to 17,525.10 while the Sensex increased by 465.14 points, or 0.80 percent.

“Markets started the week on a buoyant note and gained over half a percent. After the flat start, healthy buying in key sectors like banking, IT and auto aided a steady rise in the benchmark. Consequently, the Nifty ended around the day’s high to close at 17,525 levels. The broader indices also closed with modest gains,” said Ajit Mishra, VP – Research, Religare Broking.

“The Nifty has successfully passed the threshold of 17,400, and we are now aiming for 17,800. The final quarter of earnings season, together with significant local statistics like IIP, CPI, and WPI, would remain on the participants’ radar for cues in addition to the performance of the global markets. We emphasise that we favour investing in top-performing industries like banking, financials, autos, FMCG, and just a select few IT stocks for new longs” he added.

Among the top Nifty gainers were M&M, Coal India, Bajaj Finserv, Hindalco Industries, and HDFC Bank. BPCL, SBI, UltraTech Cement, Britannia Industries, and Nestle India were among the losers.

Sector-wise, the Nifty auto, energy, and metal indexes all increased by 1%, while the Nifty bank increased by 0.8 %.

Smallcap and midcap BSE indices finished slightly higher.

“After the US released better-than-anticipated jobs data over the weekend, both domestic and global indices were up. Nifty made a stronger start and eventually closed close to the day’s high at 17,525 levels. The whole market finished with gains of 0.4 percent. Other than PSU banks and IT, all other sectors experienced a profit. The leading gainers were Metals and Private Banks, each up more than 1% “the Motilal Oswal Financial Services Head of Retail Research, Siddhartha Khemka.

“After a week of consolidation, the Nifty was able to cross and close above the 17,500 barrier. This shows that the domestic market has fundamental strength, despite conflicting global indications and rising geopolitical tensions” he added.

“The markets were mostly driven by robust macroeconomic indicators, favourable FII flows, and consistent earnings. We anticipate that the nifty will maintain its upward momentum and inch closer to the 17,700–17,800 range. During the short trading week, it would be important to keep an eye out for US and Indian inflation data” Khemka added.

In comparison to Friday’s close of 79.24, the rupee closed the day on August 8 at 79.65 per dollar, lower by 19 paise.