Indian stock markets closed for Muharram holiday; Trading to resume Thursday

New Delhi [India], July 17 (ANI): Indian stock markets are closed today in observance of the Muharram holiday, with trading set to resume on Thursday.

In other Asian markets, Japan's Nikkei 225 experienced a modest increase, gaining 40 points to reach 41,310.70. Meanwhile, Hong Kong's Hang Seng rose by 9 points to 17,737.27. Taiwan's Taiwan Weighted index declined by 56 points to 23,940.87. Chinese markets also faced selling pressure, with the Shanghai Composite dropping 13 points to 2,963.89 at the time of filing this report.

On Tuesday, Indian stock indices Sensex and Nifty closed at fresh record highs. The Sensex settled at 80,716.55 points, up 0.1%, while the Nifty settled at 24,613.00 points, also up 0.1%. While broader indices closed marginally higher, most sectoral indices settled in the red.

Nifty Media declined the most, down 1.03%, while Nifty Realty rose the most, up 1.66%, according to NSE data. The past week saw Indian stock markets touching fresh all-time highs.

The upward movement in the market was triggered by the latest moderation in US inflation, better-than-expected results in the IT sector, and the absence of negative market fundamentals.

Sensex and Nifty have cumulatively gained 11-13% so far in 2024-25. Strong buying by both foreign and domestic institutional investors has also supported the stock markets.

"Technically, after an early morning intraday rally, the market witnessed some profit booking on Tuesday at higher levels. However, the short-term texture of the market is still positive," said Shrikant Chouhan, Head of Equity Research at Kotak Securities.