Markets to remain shut today on account of Independence Day

NEW DELHI Domestic equity, forex as well as commodity markets will remain closed on Wednesday on account of Independence Day.

The key equity indices BSE Sensex and NSE Nifty on Tuesday rebounded on buying in financial, information technology and healthcare stocks as market participants cheered moderate July inflation numbers and some recovery in Turkish lira eased investors globally.

The 30-share Sensex closed 207.10 points, or 0.55 per cent, up at 37852, while the NSE Nifty index settled 79.35 points, or 0.70 per cent, up at 11,435.10 on Tuesday.

Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund said, “Positive macroeconomic updates coupled with bargain hunting at lower levels after two sessions of losses gave a fillip to investor sentiment.”

Wholesale inflation eased to 5.07 per cent in July on account of cheaper food articles, especially fruits and vegetables, government data showed. The wholesale price index (WPI) based inflation was recorded at 5.77 per cent in June. In July 2017, it was at 1.88 per cent.

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking said, “With Tuesday’s move, Monday’s low of 11,340 for Nifty has now earned tremendous respect and hence, going ahead, as long as this level is defended, a possibility of seeing new high cannot be ruled out. For the coming day, 11478 followed by 11495 would be seen as immediate resistances; whereas 11370 and 11340 has now become a key support zone. We reiterate that the market is in a strong trend and hence, one should not get carried away by such in between hiccups.”