Stock market trading shut today for Republic Day holiday

Apart from the equity derivatives sector, the equity derivatives sector, and the securities lending and borrowing sector, it is a trading holiday even for the currency derivatives sector, the commodity derivatives sector, and the electronic gold receipts sector.

On January 25, Nifty ended at 17891.95 down 1.25% or 226 points, while Sensex closed at 60205 down 773.69 points or 1.27%. The extreme volatility, the monthly expiry, and the Hindenburg reveal caused jitters among investors.

With the exception of a handful of stocks like HUL, ITC, and NTPC, all other Sensex stocks closed in the red. SBI, IndusInd Bank, HDFC Bank and Axis Bank were the main losers. On the other hand, HUL, Maruti and Tata Steel topped the top gainers in Sensex.

Read all the stories related to the market here

“Nifty has been trending in the range for the entire January series from 18,200 to 17,800 levels. On the day of the monthly expiry, Nifty fell in a scary session and ended just short of the psychological 18,000 mark to close the series at 17,892. Rohan Patel, Technical Analyst at SAMCO Securities, said,

“The benchmark in January expiry made two attempts to breach 17800 – 17780 levels but did not succeed as prices were constantly finding support near that area. Nifty is placed on the weekly chart between a broader range – low between 18200 – 17800 levels from the five weeks Furthermore, the price is also trapped between the 9 and 21 EMA bands which suggests that a breakout on either side will decide more directional movement in the indicator.”

Meanwhile, the Indian currency strengthened today after two weak sessions to close there R81.48 against the US dollar.

“The Indian rupee is strengthening, bucking the performance of the last two days, due to inflows from green bond issuance and oversubscription of Adani’s FPO core book. However, risk aversion sentiment and a strong dollar put gains in the rupee.

“In the near term, the spot USD/INR pair is expected to hover around 81.50 as most of the month-end dollar bids are met. Short-term traders should look towards 81.80 for more bounce to cover short positions while a break of 81.20 pushes the pair towards 80.90.” Parmar said.