Stock markets in India will be closed on Monday, October 2, 2023, on account of Gandhi Jayanti. This closure includes all market segments, such as the equity segment, derivative segment, and SLB segment. Additionally, the multi-commodity exchange will be closed for both morning and evening sessions. The year 2023 has a total of 15 annual market holidays, which is two more compared to the previous year.
During the month of September, domestic indices experienced an upward trend with the Sensex rising 320 points and the Nifty closing above the 19,600 mark on Friday. However, the markets ended in the red for the second consecutive week, failing to lift into positive territory. Analysts attribute this to insipid liquidity and a lack of triggers to overcome the bears.
The short-term volatility is expected to remain elevated due to the upside risk of domestic inflation caused by higher crude oil prices. Market participants will closely monitor the Reserve Bank of India’s (RBI) monetary policy committee (MPC) meeting scheduled for October 4–6. Experts anticipate that the RBI will maintain its pause on interest rate hikes during this meeting.
Investors will also keep a watchful eye on the movement of the rupee against the dollar and crude oil prices. The market direction may also be influenced by the investments made by foreign institutional investors (FIIs) and domestic institutional investors (DIIs). Additionally, auto stocks will be in focus as companies announce their monthly sales numbers.
According to Pravesh Gour, Senior Technical Analyst at Swastika Investmart, Nifty is currently witnessing a correction. The immediate demand zone is at 19,500, with a potential downside target of the 19,300–19,250 zone. On the upside, 19,800 is a critical hurdle, and a breakthrough can be expected for a move towards the 20,000–20,200 zone.
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