Indian stock markets will remain closed on Tuesday due to the Holi festival. The decision was confirmed by the Bombay Stock Exchange and the National Stock Exchange. Trading in equities, derivatives, and securities lending will stay suspended for the day. Commodity derivatives will not trade in the morning but will reopen in the evening session.
On Monday, heavy selling pressure was witnessed in domestic markets. The Sensex fell 1,048 points to close at 80,238. The Nifty declined 312 points and settled at 24,865. Investor concerns over rising tensions in West Asia affected sentiment. Midcap and smallcap indices also ended lower in line with benchmarks.
Most sectoral indices traded in negative territory. Auto, consumer durables, oil and gas, and PSU banks recorded notable losses. Only metal and pharma stocks showed marginal gains. Analysts stated that Nifty support is seen at 24,600, while resistance stands at 25,000.
Global markets showed mixed trends. Oil prices surged after reports that Iran closed the Strait of Hormuz. Asian indices declined, while US markets ended mostly higher. FIIs sold equities worth Rs 3,296 crore, whereas DIIs bought shares worth Rs 8,594 crore.
