Post by : Badri Ariffin

India's stock exchanges were off on November 5 as both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) observed Prakash Gurpurb Sri Guru Nanak Dev Jayanti. Trading in equities, derivatives, currency and interest-rate instruments was paused for the day; commodity derivatives resumed late in the evening session from 5pm.

The holiday followed a choppy November 4 session when markets faced widespread pressure. The Nifty 50 closed beneath the 25,600 mark and the Sensex slipped about 519 points to finish at 83,459, with most sectors retreating while telecom and consumer durables showed relative resilience. Midcap and smallcap indices also weakened, sliding roughly 0.2% and 0.7% respectively.

On the individual stock front, Power Grid, Coal India, Tata Motors Passenger Vehicles, Bajaj Auto and Eicher Motors ranked among the biggest decliners. Offsetting some losses, names such as Titan Company, Bharti Airtel, Bajaj Finance, HDFC Life and Mahindra & Mahindra posted gains during the session.

Market participants attributed the downturn to weekly expiry effects, selective profit-taking in marquee stocks and a risk-off stance driven by weak global cues. Flows from foreign institutional investors remained patchy. Technical strategists cautioned that a sustained breach of the 20-day exponential moving average could open the door to further correction toward around 25,400, while immediate resistance sits near 25,800.

In currency markets, the Indian rupee ended at 88.65 to the US dollar, appreciating by 13 paise from the prior close. Initial gains were partly offset as selling re-emerged, leaving the rupee in a sensitive trading band; analysts expect a range between 88.25 and 88.90 in the near term.

With exchanges closed for the holiday, investors will look to fresh domestic data and overseas cues when trading resumes on November 6, seeking signs of stabilization after a brief market pause.

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