Stock Market alert! BSE, NSE to remain closed on May 1 - Here is why
The Indian stock markets will remain closed on May 1, 2019 (Wednesday) on account of Maharashtra Day. Maharashtra Day commonly known as Maharashtra Diwas or Maharashtra Din is a state holiday in the Indian state of Maharashtra.
The Indian stock markets will remain closed on May 1, 2019 (Wednesday) on account of Maharashtra Day. Maharashtra Day commonly known as Maharashtra Diwas or Maharashtra Din is a state holiday in the Indian state of Maharashtra, recall the formation of the state of Maharashtra. Trading will again begin on Thursday taking further from the ques of Tuesday closing. On Tuesday, the market closed on a flat negative note after crude oil prices rose. The BSE Sensex closed 35 points down, while Nifty closed down by 6.50 points.
Umesh Mehta, Head of Research, Samco Securities, told Zee Business Online, ''After a 0.9% surge in consumer spending in the US, S&P 500 and Nasdaq edged upwards on Monday, however, Indian indices didn’t mimic the US markets and opened on a weak note today. Nifty 50 faces strong resistance at levels of 11,757. Nifty media, IT, metal and financial services were indices which traded in the green while Nifty PSU bank was the biggest loser with a 3.3% fall intraday. Nifty IT has given a new breakout and therefore there is massive scope in the mid-cap IT counters.''
JSW Steel, Zee Entertainment, HCL Tech, IOC, and Hindalco were the gainers. While Yes Bank, Indiabull hsg, IndusInd Bnak, Hero Motocorp, Bharti Infratel were among the losers. Investors remained in a flat mode for a while, on near-normal monsoon forecast amid positive corporate earnings optimism. While Sensex and Nifty were hovering close to new lifetime highs, markets witnessed a correction today.
Markets are expected to remain volatile this week as rude oil price fluctuations, rupee movements, corporate earnings and the Federal Reserve's decision on interest rate will drive Indian markets in the coming few weeks.