Additionally, the Multi-Commodity Exchange (MCX) will remain open for morning and evening sessions.
For the remainder of 2024, markets will be closed on Mahatma Gandhi Jayanti (October 2), Diwali (November 1), Gurunanak Jayanti (November 15), and Christmas (December 25). The exchanges may issue separate circulars if there are any changes to the holiday schedule.
Domestic headline equity indices had fallen on Friday, retreating from all-time highs after a sharp rally in the previous session and as FMCG and energy stocks declined. Traders expect markets to consolidate near the current levels.
The 30-share BSE Sensex fell 72 points, or 0.09%, to close at 82,890, while the broader NSE Nifty slipped 32 points, or 0.13%, to end at 25,356.
A significant trend in the market for the week ended 13th September was that FIIs were buyers of equity in the cash market on all days of the week. This makes FIIs buyers for Rs 27,862 crore for September through 13th.Additionally, it is significant to note that unlike in previous weeks when FIIs were buyers through the primary market, this week they were buyers through the exchanges having bought equity for Rs 22,707 crore.India’s August retail inflation remained below the central bank’s target of 4% for the second consecutive month, data showed after the market closed on Thursday. However, retail inflation rose to 3.65% in August, slightly higher than 3.6% reported in July.
Meanwhile, the food inflation, which accounts for around half of the overall CPI basket, accelerated to 5.66% in August.
“There are two reasons why FIIs have changed their strategy from selling to buying. One, there is a consensus now that the Fed will start cutting rates from this month onwards pushing the US yields down. This will facilitate fund flows from the US to emerging markets. Two, the Indian market is extremely resilient with strong momentum and missing out on the Indian market would be a bad strategy for FIIs. High valuations in India, however, continue to be a concern,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
