Summary of this article
Indian capital markets are closed on April 14 for Ambedkar Jayanti
Trading and market operations will resume on April 15
Indian capital markets are closed on April 14 on the occasion of Baisakhi and Dr. Baba Saheb Ambedkar Jayanti. The NSE and BSE will remain closed for trading for the day.
Trading in equity derivates, currency derivatives, interest rate derivatives, and other capital market operations are closed for the day. Different parts of the country are celebrating Maha Vishuva Sankranti, Biju,Buisu Festival, Tamil New Year's Day,Bohag Bihu, Cheiraoba, and Baisakhi along with Ambedkar Jayanti. The NSE and BSE will resume trading on April 15.
The Reserve Bank of India (RBI) also lists April 14 as a holiday. Money market operations will remain closed during the day. Domestic currency markets, government securities, and the call-money market are closed for trading and will resume on April 15.
Indian equities market was under pressure on April 13 as US-Iran peace talks in Islamabad over the weekend failed. Markets had rebounded near the end of last week on hopes that talks between the two countries would fructify.
Both the Nifty and the Sensex closed nearly 0.9 per cent down on April 13 with Nifty at 23,842.65 and the Sensex at 76,847.57. Most sectors ended in red as investors turned risk-averse after breakdown in peace talks and fears of a prolonged war. Power, defence, and telecom sectors were the only ones to see gains during the session. Auto, Oil & Gas, and FMCG sectors saw the steepest decline during the session as fears of surge in crude oil prices and risks of imported inflation reignited.
Among top gainers on the Nifty were HDFC Life, Adani Enterprises, ICICI Bank, NTPC, Tata Motors Passenger Vehicles, while top losers included included Maruti Suzuki, Eicher Motors, Reliance Industries, Bajaj Finance, Interglobe Aviation.
Broader indices also fell, with the Nifty Midcap and Smallcap indices falling around 0.5 per cent each. However, these indices outperformed the benchmark Nifty 50 index.
“Index on Monday’s (April 13’s) session has formed a bullish candle with a lower high and a lower low as it opened gap down but managed to recover around 300 points from the day’s low, highlighting buying demand at lower levels around the 20-day EMA. As mentioned in the earlier edition, the Index has witnessed a 1800-point move in just six trading sessions, which has pushed the daily stochastic oscillator into overbought territory. Hence, some consolidation cannot be ruled out in the broad range of 23,100-24,100,” a note by Bajaj Broking said.
“Nifty has immediate support at 23,450-23,100 levels, being the confluence of the last Wednesday gap area and 20-day EMA. Index sustaining above the same will keep the current pullback trend intact. While a breach below 23,000 will derail the positive momentum. On the higher side, only a follow-through strength above 24,100 will open further upside towards 24,300 and 24,700 levels over the coming sessions,” the brokerage added.
Meanwhile, the rupee also pared some gains made in the past two weeks, ending at 93.31 against the US dollar. Crude oil prices surged during the session, with Brent crude oil rising to $103 per barrel as US President Donald Trump announced a blockade of the critical maritime route, the Strait of Hormuz. Meanwhile, the 10-year benchmark Indian government bond yield also rose 35 basis points to 6.94 per cent. Bond yields rise when its price falls and vice versa.
