BSE, NSE closed on account of Guru Nanak Jayanti; key things to watch this week

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Published: November 12, 2019 9:17:32 AM

Leading stock market bourses Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) will remain shut on November 12, Tuesday on account of Guru Nanak Jayanti.

Sensex, Moodys, BSE, Infosys, Nifty, economic growth, mutual funds, Indian equities, NSE, FMCGWholesale commodity markets, including metal and gold will also remain shut to commemorate the 550 birth anniversary of Guru Nanak.

Leading stock market bourses Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) will remain shut on November 12, Tuesday on account of Guru Nanak Jayanti. Notably, wholesale commodity markets, including metal and gold will also remain shut to commemorate the 550 birth anniversary of Guru Nanak. Further, there will be no trading activity in the forex and commodity futures to mark the occasion. After trading lower for most of the day, the headline indices recovered in the late afternoon trade on Monday to end in the green. The Sensex closed 21 points higher at 40,345 while the Nifty ended above the 11,900-mark.

Also read: Slowdown pain deepens as industrial output dives; good days remain elusive for Indian economy

Yes Bank, ICICI BankTata Motors were among the biggest gainers in the Sensex, jumping up to 6 per cent. Heromotocorp, VEDL, TCS were among the biggest losers, shedding up to 2.5%. Moody’s Investors Service on Friday cut India’s rating outlook to negative from stable citing growth concerns.  The prospects of further reforms that would support business investment and growth at high levels, and significantly broaden the narrow tax base, have diminished,” Moody’s said in its report.

Meanwhile, the latest to hit hard is the data on industrial output, which showed that India’s IIP (Index of Industrial Production) fell by 4.3% on-year in September, indicating a severe contraction in the activity. Consumer durables production was down by 9.9%; manufacturing slipped by 3.9%, and capital goods output fell by as much as 20.7% on-year in the month. Industrial production figures for the previous month of August were revised to show a deeper contraction at 1.4% than that recorded at 1.1% in the previous reading.

Going forward, analysts expect a host of economic data to weigh on the stock market direction. “We continue to maintain our cautious stance on Indian markets given the recent run up. Going forward, last leg of earnings announcement, key data like CPI/WPI and IIP is likely to induce volatility into the markets,” said Ajit Mishra, Vice President, Research, Religare Broking. “On the global front, market participants would keep a close watch on trade developments between the US-China as the two approach closer to sign phase one of the trade deal,” he added.

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