The stock market closed in red on Saturday after beginning in a positive note. The BSE benchmark Sensex shed 175.05 points to close at 71,508. On the hand, the NSE index Nifty settled at 21,583. The market was open for a full trading session today and will be closed on January 22 in wake of the Ayodhya’s Ram temple consecration ceremony.
“Amid rising optimism about AI, US markets surged over the weekend. However, domestic markets exhibited a subdued trend influenced by extended holidays, low volumes, and weekly option expiration,” Vinod Nair, Head of Research, Geojit Financial Services told PTI.
The stock market had opened on a positive note on Saturday, with the Sensex rising 250 points to 71,933.31. The Nifty had surged 75.80 points or 0.35 per cent to 21,698.20 points.
HDFC Bank, PowerGrid, NTPC, Bajaj Finance, Sun Pharma and ICICI Bank, ITC, Bajaj Finserv were the major gainers among the Sensex firms.
On Friday, the Sensex had jumped 496.37 points to settle at 71,683.23 points. The Nifty climbed 160.15 points or 0.75 per cent to close at 21,622.40 points. The stock market had paused the bloodbath at Dalal Street that witnessed Sensex go down by 1,628 points on Wednesday and then 400 points on Thursday.
Due to the recovery in the stock market, the market capitalisation (mcap) of BSE-listed firms had jumped ₹4 lakh crore to ₹373.57 lakh crore.
“Markets rebounded from its 3-day losing streak on renewed all-round buying support, aided by recovery in global indices. The recent fall was extremely fast-paced and concerns of higher valuations along with global factors prompted investors to book profit,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, had told PTI.