BSE, NSE shut today on account of Ramzan Id

On May 22, the Sensex ended 260.31 points lower or 0.84 percent at 30,672.59, while Nifty fell 67 points or 0.74 percent at 9,039.25.

The Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) will remain closed on May 25 on account of Ramzan Id.

Wholesale commodity markets, including metal and bullion, will also remain shut and there will be no trading activity in the forex and commodity futures markets as well.

On May 22, the market ended lower with Nifty below 9,100 level after the Reserve Bank of India (RBI) unexpectedly reduced rates to boost the liquidity into the system in these challenging times.

The central bank cut the repo rate by 40 basis points to 4 percent and the reverse repo rate by 40 basis points to 3.35 percent. It has also extended the moratorium on term-loan repayments by another three months to August 31, 2020.

On May 22, the Sensex ended 260.31 points lower or 0.84 percent at 30,672.59, while Nifty fell 67 points or 0.74 percent at 9,039.25.

Axis Bank, HDFC, Bajaj Finserv, Bajaj Finance and Hindalco Industries were among the top losers on the Nifty, while gainers were Zee Entertainment, M&M, Cipla, Shree Cement and Infosys.

On the sectoral front, except IT, Pharma and Auto other indices ended lower. BSE Midcap and Smallcap indices fell between 0.2-0.8 percent.

"Markets were hoping some measure from the RBI that could boost the banking and financial sectors but the announcement of the extension of moratorium further dented the sentiment. The brewing feud between US-China is further also adding to the participants’ worries," said Ajit Mishra, VP - Research, Religare Broking.

"We may see some rebound next week due to oversold positions in banking and financial space but sustainability would be difficult at the higher levels. Traders should prefer hedged trades and prefer defensive viz. pharma, IT and select FMCG for long trades," he added.

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