Sensex, Nifty closed on account of Bakri Id; Asian markets rally

NEW DELHI: Indian stock market will remain shut on Monday, 6th October on account of public holiday. The BSE, NSE will remain closed for " Bakri Id".

However, Asian markets were trading higher tracking gains on Wall Street which rose following a stronger-than-expected September U.S. jobs report that bolstered the outlook for the U.S. economy.

"The U.S. Labor Department reported nonfarm payrolls rose 248,000 in September, 33,000 more than median forecast while the jobless rate fell two-tenths of a point to a six-year low of 5.9 percent," Reuters reported.

Tokyo's Nikkei jumped nearly 1 per cent in early trade while South Korean shares rose 0.3 percent after a market holiday on Friday. Hang Seng was trading 0.4 per cent higher.

Back home, Nifty ended the day with a loss of 19 points at 7945 after a range bound session. The BSE Sensex closed 62 points lower at 26567.99 on Wednesday.

Immediate support for Nifty continues to remain at 7920 and if the index manages to respect 7920 as a support and clear the resistance of 8040 as well then we may see further upside till 8090, say analysts.

Markets will closely track data for India's services sector, IIP number and quarterly earnings from IT major Infosys in a holiday-shortened week ahead, say experts.

Important set of data and events are lined in the coming week. To begin with, HSBC Services PMI for August 2014 is due on Tuesday, 7 October 2014. Going ahead, the government will unveil industrial production data for August 2014 on Friday, 10 October 2014.

And lastly, the earning season will also begin from Friday, 10 October 2014 with IT major, Infosys ltd, announcing its Q2 numbers.

"Broadly, the CNX Nifty index has been trading within 7850-8050 for last six trading sessions and either side decisive break will trigger the next directional move," said Jayant Manglik, President-retail distribution, Religare Securities Limited.

"Meanwhile, traders should maintain extra caution and prefer defensive sectors like Pharma, FMCG for short term positions," he added.

Manglik is of the view that investors', on the other hand, should now focus more on stock specific approach before the beginning of earning season and adjust their portfolios accordingly.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)