The stock market will be closed on Monday due to Bakri Eid, with trading set to resume on Tuesday, as announced by the National Stock Exchange (NSE). The market will remain closed in all segments, including stocks, derivatives, and SLBs. Additionally, the Multi Commodity Exchange of India Limited (MCX) will be closed for the morning session on June 17 but will reopen in the evening. Last week saw marginal gains in the Nifty-50 Index and BSE Sensex, reaching new all-time highs as market sentiments became more bullish, with mid-cap and small-cap indices outperforming large-cap stocks post-Lok Sabha elections. Sectoral indices experienced weekly gains, while the Bank Nifty saw only marginal gains. Both FPIs and DIIs were net buyers during the week.
Market experts attribute the positive market sentiment to better-than-expected fourth-quarter FY24 earnings in key sectors, as well as stability post Lok Sabha elections. May’s Consumer Price Index (CPI) inflation was 4.75 per cent, close to April’s figures, with food inflation at 8.7 per cent. Sectoral indices like Capital Goods, Consumer Durables, Oil and Gas, Auto, Metals, Realty, and Power sectors saw gains between 1.5 per cent and 5 per cent. However, the IT and FMCG indices each declined by around 1 per cent. Going forward, market focus will be on macro trends, inflation, and global situations including geo-political concerns, according to Shrikant Chouhan, Head of Equity Research at Kotak Securities.
In Asia, the yen weakened past the 158 per dollar mark after the Bank of Japan announced plans for bond purchases at its July meeting, delaying reductions in buying until at least then. The Bank of Japan maintained its benchmark rate within a range of 0 per cent to 0.1 per cent. Overall, the market is poised for continued growth and stability as investors keep an eye on various economic indicators, global trends, and geopolitical factors influencing market sentiment and performance.
