Indian Stock Markets Closed for Muharram
Today, Indian stock markets are closed in observance of the Muharram holiday. Trading will resume on Thursday.
Record Highs for Sensex and Nifty
On Tuesday, the Indian stock indices Sensex and Nifty closed at fresh record highs. The Sensex settled at 80,716.55 points, up 0.1%, while the Nifty settled at 24,613.00 points, also up 0.1%.
Mixed Results in Other Asian Markets
Japan’s Nikkei 225 experienced a modest increase, gaining 40 points to reach 41,310.70. Hong Kong’s Hang Seng rose by 9 points to 17,737.27. Taiwan’s Taiwan Weighted index declined by 56 points to 23,940.87. Chinese markets also faced selling pressure, with the Shanghai Composite dropping 13 points to 2,963.89.
Sectoral Indices Performance
While broader indices closed marginally higher, most sectoral indices settled in the red. Nifty Media declined the most, down 1.03%, while Nifty Realty rose the most, up 1.66%.
Reasons for Market Movement
The recent rise in Indian stock markets was triggered by the latest moderation in US inflation, better-than-expected results in the IT sector, and the absence of negative market fundamentals. Strong buying by both foreign and domestic institutional investors has also supported the stock markets.
“Technically, after an early morning intraday rally, the market witnessed some profit booking on Tuesday at higher levels. However, the short-term texture of the market is still positive,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
Doubts Revealed
Muharram -: Muharram is an important Islamic month. It marks the beginning of the Islamic New Year and is a time of mourning for some Muslims.
Sensex -: Sensex is a stock market index in India. It shows how the 30 biggest companies on the Bombay Stock Exchange are doing.
Nifty -: Nifty is another stock market index in India. It tracks the performance of 50 major companies listed on the National Stock Exchange.
Record Highs -: Record highs mean that the stock market indexes, like Sensex and Nifty, have reached their highest points ever.
Asian Markets -: Asian markets refer to stock markets in Asian countries like Japan, Hong Kong, Taiwan, and China.
Nikkei 225 -: Nikkei 225 is a stock market index for the Tokyo Stock Exchange in Japan. It tracks the performance of 225 large companies.
Hang Seng -: Hang Seng is a stock market index in Hong Kong. It shows how the largest companies listed on the Hong Kong Stock Exchange are doing.
Taiwan Weighted Index -: Taiwan Weighted Index is a stock market index in Taiwan. It tracks the performance of companies listed on the Taiwan Stock Exchange.
Shanghai Composite -: Shanghai Composite is a stock market index in China. It shows how all the companies listed on the Shanghai Stock Exchange are performing.
US Inflation -: US inflation refers to the rate at which prices for goods and services in the United States are rising.
IT Sector -: The IT sector includes companies that work with technology, like making software or providing tech services.
Investor Activity -: Investor activity means the buying and selling of stocks by people or organizations who want to make money from their investments.
