Indian stock markets BSE and NSE will remain closed on Wednesday for Republic Day, the first holiday of the new year in 2022. The Equity Sector, Equity Derivatives Sector and SLB Sector will not trade.

On Tuesday, the benchmark ended a five-day losing streak, closing up 366 points at 57,858. The National Stock Exchange’s Nifty 50 index closed up 128.85 points or 0.75% at 17,277.9. In the broader market, the BSE index of mid-cap and small-cap stocks rose more than 1%.

Auto stock Maruti Suzuki was the top gainer on the index, beating expectations, after reporting a consolidated net profit of Rs 1,041.8 crore for the December quarter. Axis Bank, SBI, IndusInd Bank, Bharti Airtel, PowerGrid and NTPC are also the biggest backers. Wipro, Infosys, Tech Mahindra and Bajaj Finserv, Titan, UltraTech Cement are the biggest laggards.

“The market has pulled back sharply in the past 4-5 sessions on the back of some global uncertainty. Now if there is no further disruption on the global front, 17000-16800 could be a key support for Nifty ahead of the budget. Because of volatility May be on the high side and traders are advised to stay light, but certainly look for buying opportunities in specific stocks,” said Sameet Chavan, chief analyst at Angel One – Technology and Derivatives.

Meanwhile, the local currency rupee depreciated 18 paise against the dollar on Tuesday to close at a near one-month low of 74.78 on month-end dollar demand from oil importers, foreign exchange outflows and a stronger dollar in overseas markets.

Complete News Source : Mint