The National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) will be closed on August 31, 2022, for Ganesh Chaturthi. Additionally, all wholesale commodity markets including those for metal and bullion will be closed. There will also be no trade in the Forex and commodity futures markets.
The Indian indices rapidly overcame the pessimistic sentiments set in motion by the US Federal Open Market Committee last Friday. After a severe drop on Monday, the markets recovered on Tuesday, the month’s last trading day.
“Massive short covering, as well as value buying at lower levels, helped indices recoup all the losses after the Jackson Hole event. Nifty made smart gains on the last trading session of August to close at a record monthly closing of 17,759 as against the previous monthly closing high of 17,671 in October 2021,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.
“With this, Nifty managed to increase 3.5% in August 2022 despite a record rise of 8.7% in July 2022. This shows the inherent strength in domestic markets amidst weak global cues. Strong outperformance by mid and small caps continued with gains of 6% and 5% respectively in August 2022.
“Nifty has crossed and closed above key short-term resistance levels. If it manages to sustain the positivity, we could see momentum towards 18,000-18,200 zones while support levels have moved higher to 17,500-17,450. Markets will remain closed on Wednesday on account of Ganesh Chaturthi,” he added.
The foreign institutional investors (FIIs) bought shares worth a net Rs 4165.86 crore, while domestic institutional investors (DIIs) sold shares worth a net Rs 656.72 crore in the Indian equity market on August 30, as per provisional data available on the NSE.
Stocks fell again on Wall Street on Tuesday, posting their third loss in a row. The S&P 500 fell 44.45 points, or 1.1%, to 3,986.16. The Dow Jones Industrial Average fell 308.12 points, or 1%, to 31,790.87. The Nasdaq fell 134.53 points, or 1.1%, to 11,883.14. The Russell 2000 index of smaller companies fell 27.35 points, or 1.5%, to 1,855.59.