• Home
  • Business
  • Stock Markets Closed for Eid Today, But Record-Breaking Rally Continues!

Stock Markets Closed for Eid Today, But Record-Breaking Rally Continues!

Indian stock markets take a break for Eid today but the party continues! Record highs for Sensex and Nifty after a strong rally fueled by FMCG, energy, and metal stocks

Stock Markets Closed for Eid Today, But Record-Breaking Rally Continues!

Indian stock markets are closed today, April 11th, 2024, in observance of Eid al-Fitr. This festive occasion marks the end of Ramadan, a holy month for Muslims around the world. However, investors can rest assured knowing the market is poised for continued growth after a record-breaking rally on Wednesday. The benchmark Sensex soared 354 points, surpassing the 75,000 mark for the first time ever. Similarly, the broader Nifty index scaled a fresh lifetime high, fueled by strong performances in FMCG (Fast-Moving Consumer Goods), energy, and metal sectors.
 

 

Double Dose of Holidays, Continued Trading Opportunities
While Eid brings a one-day pause, investors should be aware of another upcoming holiday. The markets will be shut again next Wednesday, April 17th, for Ram Navami, a Hindu festival celebrating the birth of Lord Rama.
However, after Ram Navami, April offers a clear trading window with no further scheduled holidays. This translates to 20 valuable trading days for investors to capitalize on the current market momentum.
 

 

Maharashtra Elections to Impact May Trading
The good news comes with a slight caveat for May. The National Stock Exchange (NSE) will have a shortened trading day on May 20th due to Maharashtra state assembly elections. While the evening session will remain open, the morning session will be closed from 9 am to 5 pm. Previously, May only had one scheduled trading holiday for Maharashtra Day on May 1st. Investors in the state, or those with holdings in Maharashtra-based companies, should be mindful of this adjusted trading schedule.


 

Record-Breaking Performances
The recent market surge was driven by positive performances across various sectors. FMCG giants like Hindustan Unilever and ITC witnessed significant gains, reflecting continued consumer confidence. Additionally, energy and metal stocks like Reliance Industries and Tata Steel also performed well, fueled by optimism surrounding global economic recovery.

The 30-share Sensex closed at an all-time high of 75,038.15, marking a 0.47% increase. The Nifty also reached a record peak of 22,753.80, representing a 0.49% gain.

 

 

What Lies Ahead?
With strong fundamentals and positive investor sentiment, the Indian stock market appears poised for continued growth. While short-term factors like upcoming holidays and elections may cause minor fluctuations, the long-term outlook remains optimistic. 
Investors are eagerly awaiting further economic data releases and corporate earnings reports to solidify their trading strategies. As the global economy recovers and domestic consumption remains strong, Indian equities present a compelling opportunity for both seasoned investors and those just entering the market.


Vocera Raises $500K from Y Combinator to Revolutionize Voice AI Testing and Evaluation

Vocera Raises $500K from Y Combinator to Revolutionize Voice AI Testing and Evaluation

A team of three IIT Bombay graduates has been selected for Y Combinator, the world’s most pres...
Adani Group Bonds Slide Amid US Bribery and Fraud Investigation Against Gautam Adani

Adani Group Bonds Slide Amid US Bribery and Fraud Investigation Against Gautam Adani

According to US prosecutors, the billionaire has been accused of concealing payments from investors ...
Chubu Electric Japan Expands Investment in OMC Power to Boost Energy transition in India
BT Exclusive

Chubu Electric Japan Expands Investment in OMC Power to Boost Energy transition in India

Chubu Electric and OMC Power partnership aligns with global efforts to combat climate change and tra...
Prashanth Prakash: A Pioneering Venture Capitalist Transforming India's Startup Landscape

Prashanth Prakash: A Pioneering Venture Capitalist Transforming India's Startup Landscape

Prashanth Prakash is an Indian Venture Capitalist, Businessman, entrepreneur and philanthropist. He ...
Joanna Kathryn Knight OBE: Kings Honour to Extraordinary Businesswoman

Joanna Kathryn Knight OBE: Kings Honour to Extraordinary Businesswoman

Joanna Knight, also known professionally as Joanna Swash OBE, is a highly respected leader and Busin...
Adani Group's Acquires CK Birla's Orient Cement at INR 8,100 Crore

Adani Group's Acquires CK Birla's Orient Cement at INR 8,100 Crore

Adani Group's Ambuja Cements acquired Orient Cement from the CK Birla Group in a landmark deal v...
Biotique: Bridging Ancient Traditions and Modern Skincare

Biotique: Bridging Ancient Traditions and Modern Skincare

Biotique is an Indian skincare and beauty brand operated by Bio Veda Action Research company. It was...
Ratan Tata Passes Away at 86: India Mourns the Loss of a Visionary Leader and Philanthropist

Ratan Tata Passes Away at 86: India Mourns the Loss of a Visionary Leader and Philanthropist

Maharashtra cancels all state events; chief ministers, actors, and CEOs pay respect to the late bill...
OMC Power: Revolutionizing Rural Electrification in India

OMC Power: Revolutionizing Rural Electrification in India

India has abundant solar resources, with most parts of the country receiving 4-7 kWh of solar radiat...
Ravi Modi: The Visionary Behind India's Luxury Ethnic Wear Revolution

Ravi Modi: The Visionary Behind India's Luxury Ethnic Wear Revolution

Manyavar's founder Ravi Modi started the business with 10 thousand rupees. Today, Manyavar has o...