Exchanges Closed for Guru Nanak Jayanti as Nifty Dips Below 25,600

Post by : Bianca Suleiman

India's equity markets were on holiday on November 5 as the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) remained shut for Prakash Gurpurb Sri Guru Nanak Dev Jayanti. Activity in equities, derivatives, currency and interest-rate instruments was suspended for the day, while commodity derivatives trading resumed only in the evening session from 5 pm.

The break followed a volatile November 4 session in which broad-based selling saw the Nifty 50 close beneath the 25,600 mark. The Sensex tumbled 519 points to finish at 83,459, with most sectors—other than telecom and consumer durables—under pressure. Midcap and smallcap segments also slid, losing about 0.2% and 0.7% respectively.

Among Nifty components, Power Grid, Coal India, Tata Motors Passenger Vehicles, Bajaj Auto and Eicher Motors were the largest decliners, while Titan Company, Bharti Airtel, Bajaj Finance, HDFC Life and Mahindra & Mahindra posted gains.

Sectoral weakness was broad-based, with IT, autos, FMCG, metals, power, realty and PSU indices recording declines, underscoring cautious investor sentiment across market segments.

Analysts attributed the pullback to weekly expiry dynamics, profit-taking in heavyweight names and fragile risk appetite amid muted global cues. Flows from foreign institutional investors remained uneven. Technical observers warned that a sustained move beneath the 20-day exponential moving average could open the way for further corrective activity toward about 25,400, while resistance is seen near 25,800.

In the foreign exchange market, the Indian rupee closed at 88.65 to the US dollar, strengthening by 13 paise from the prior session. Initial gains were partly reversed as renewed selling pressure added volatility; the near-term trading band is expected between 88.25 and 88.90.

With markets closed for the holiday, investors will look for fresh domestic and international signals when trading resumes on November 6, seeking clarity and stability after a brief interruption.