Mumbai, India – In observance of Bakri Eid, both the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) will remain closed on June 29. Additionally, wholesale commodity markets, including metal and bullion, will also be shut, with no trading activity in the forex and commodity futures markets.
Just a day prior, on June 28, the Indian rupee closed flat at 82.05 per dollar, compared to the previous day’s close of 82.03.
On June 28, the Sensex, India’s benchmark index, experienced a significant increase of 499.39 points or 0.79 percent, reaching 63,915.42. The Nifty, another key index, also rose by 154.70 points or 0.82 percent, closing at 18,972.10.
Siddhartha Khemka, the Head of Retail Research at Motilal Oswal Financial Services, noted that domestic equities had a remarkable run, with the Nifty and Sensex hitting all-time highs. He also mentioned that all sectors ended in the green, with strength seen in metals, pharmaceuticals, and oil and gas.
The biggest gainers on the Nifty were Adani Enterprises, Adani Ports, JSW Steel, Bajaj Auto, and Tata Motors, while HDFC Life, Tech Mahindra, Hero MotoCorp, Apollo Hospitals, and M&M were among the losers.
All sectoral indices, including metal, power, pharma, and capital goods, closed with gains of 1 percent each. The BSE midcap index rose by 0.7 percent, while the smallcap index remained steady.
Investors’ wealth increased by Rs 2.2 lakh crore, as the market capitalisation of BSE-listed companies jumped to Rs 294.33 lakh crore, compared to the previous session’s Rs 292.13 lakh crore.
Khemka highlighted that strong institutional flows, healthy macros, robust earnings growth, and positive US consumer and home sales data contributed to the market’s momentum. With the onset of the monsoon season and the Reserve Bank of India’s decision to keep rates unchanged, he expects the market to maintain its buoyancy.
In conclusion, due to the Bakri Eid holiday, both the NSE and BSE will remain closed on June 29. The market experienced significant gains on June 28, reaching all-time highs. With positive market indicators and favorable economic conditions, experts predict continued market momentum and growth.
