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Indian stock market will remain shut on Tuesday; Asian stocks off 2-month lows

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Indian stock market will remain shut on Tuesday, 13th February on account of a public holiday. Equity, forex and money market will remain closed on account of Mahashivratri.

The S&P BSE Sensex which closed just above its crucial support level of 34,000 bounced back 300 points on Monday. It closed 294 points higher from its previous close to end at 34,300.47.

The Nifty managed to bounce back after 3 percent fall in the previous week on Monday. The index closed 84 points higher at 10,539.

Midcap and Smallcap indices outperformed equity benchmarks, rising over a percent each.

Key sectors which led the rally on D-Street include names like power, realty and capital goods stocks.

The foreign institutional investors continued to pull out money from Indian equity markets while domestic institutional investors support the markets. FIIs have pulled out close to Rs 5,000 crore from Indian equity markets so far in the month of February.

FIIs pulled out Rs 814 crore from Indian equity markets on Monday while DIIs invested Rs 1,342 crore in the previous trading session.

Global Setup:

Asian markets were trading higher thanks to positive handover from Wall Street. Asian stocks pulled further away from two-month lows on Tuesday, lifted by Wall Street’s extended rebound from last week’s steep fall, said a Reuters report.

Australian stocks rose 0.2 percent and South Korea’s KOSPI climbed 0.9 percent. Japan’s Nikkei added 0.75 percent in morning trade.

Wall Street’s three major indexes rose for the second day overnight as investors regained some confidence after US equities had their biggest weekly drop in two years.

The Dow Jones Industrial Average rose 410.37 points, or 1.7 percent, to 24,601.27, the S&P 500 gained 36.45 points, or 1.39 percent, to 2,656 and the Nasdaq Composite added 107.47 points, or 1.56 percent, to 6,981.96.

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