Fri Nov 01 03:50:00 UTC 2024: ## Indian Stock Markets Closed for Diwali, Muhurat Trading Session Scheduled
**New Delhi, India -** The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) are closed today in observance of Diwali, India’s festival of lights. The closure affects all trading segments, including equity, equity derivatives, and securities lending and borrowing. Currency derivatives trading is also on hold for the day.
However, a special Muhurat Trading session is scheduled from 6:00 PM to 7:00 PM today. This traditional session is believed to bring good fortune and prosperity for the new financial year.
While the equity markets are closed, trading in the Commodity Derivatives Segment and Electronic Gold Receipts (EGR) Segment is suspended from 9:00 AM to 5:00 PM, resuming at 5:00 PM for the evening session. This affects activity on the Multi Commodity Exchange (MCX) and National Commodity Exchange (NCDEX).
This week is a shortened trading week for the Indian markets, with today’s holiday marking the first of two in November. The next market closure will be on November 15 for Guru Nanak Jayanti. The final holiday of 2024 falls on December 25 for Christmas.
**Markets Close Lower Ahead of Diwali**
Indian markets closed lower for the second consecutive session on Thursday, influenced by weak global sentiment. The Nifty 50 fell 135 points, closing at 24,205, while the Sensex dropped 553 points to 79,389. The Nifty Bank also saw a decline, finishing 251 points down at 51,555. Despite these losses, the small-cap index rose 1.6%, indicating positive momentum in smaller stocks.
**Analysts Eye Muhurat Trading**
Analysts are keeping an eye on the upcoming Muhurat Trading session. Shrikant Chouhan from Kotak Securities noted that if the Nifty 50 trades above 24,200, it could see a technical bounce to 24,300 or higher. However, if it dips below 24,200, the index could test levels between 24,100 and 24,050.
Hrishikesh Yedve from Asit C. Mehta Investment Intermediates added that Nifty’s recent red candle on the daily chart indicates weakness, with consolidation between 24,000 and 24,500. A breakout could set the next trend.
For Bank Nifty, immediate support lies at 51,000-51,150, with resistance near 52,580.
**FPI Selling Continues, Rupee Stabilizes**
Foreign investors have remained net sellers for 24 straight sessions, offloading stocks worth Rs 1.25 lakh crore. Domestic investors, however, continued as net buyers for the 28th session. On Thursday, Foreign Portfolio Investors (FPIs) sold Rs 5,813.3 crore, while Domestic Institutional Investors (DIIs) bought Rs 3,514.6 crore.
The Indian rupee stabilized against the US dollar, closing at 84.0837 after touching a record low of 84.1. Central bank intervention, with public sector banks selling dollars on behalf of the Reserve Bank of India, helped support the currency.
First Piper 