Markets to remain closed on account of Independence Day

On Friday, the S&P BSE Sensex gained 293 points at 28,152 levels, while the Nifty50 settled 80 points higher at 8,672 levels

Indian markets will remain closed on Monday on account of Independence Day. On Friday, the S&P BSE Sensex gained 293 points at 28,152 levels, while the Nifty50 settled 80 points higher at 8,672 levels. The BSE Midcap and Small-cap indices ended up 0.2% - 0.8% each. 

Stressing on the need to have good governance along with providing qualitative services to the citizens of the nation, Prime Minister Narendra Modi, in his Independence Day Speech on Monday, said that it is time that we move from Swarajya (self-rule) to Surajya (good rule).

"Technical indicators remained bullish, but we have seen sign of lack of momentum which can only improve if Nifty manages to move above 8750. Holding above the 8500 will be key for the market. A break below this level may see short-term correction. Our mid-term trend outlook is still very strong as long as market remained above 8500. Overall, it seems sentiment is extremely positive and we expect market to move higher after a pause or consolidation around this level," said Rohit Gadia, Founder & CEO, CapitalVia Global Research in an emailed note.

GLOBAL MARKETS

Asian shares inched back from one-year peaks on Monday after Japanese data showed the world's third largest economy hit an air pocket last quarter, while oil prices held onto their recent gains as markets globally made a slow start to the week.

The Nikkei eased 0.3% as Japan's economic growth effectively stalled in the second quarter on weak exports and business investment, underlining the need for more stimulus. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2% after a strong run.

The index has climbed almost 14% since late June when Britain's vote to leave the European Union triggered a new wave of global policy stimulus, led by aggressive action from the Bank of England.

OIL PRICES

In commodity markets, oil prices edged higher after boasting gains of 6 percent last week as Saudi Arabia's oil minister held out the chance of action to help stabilize the market.

Brent crude futures were up 15 cents on Monday at $47.12 a barrel, while U.S. crude added 18 cents to $44.67.

 

With Reuters inputs