Is the stock market closed today?

Is the stock market closed today?

Domestic equity, debt and currency markets remained shut on Monday, March 29, observing a holiday on account of the Holi festival.

On Friday, the S&P BSE Sensex index had risen 568.38 points or 1.17 per cent to end at 49,008.50, breaking a two-day losing streak amid strong buying interest in FMCG, metal and financial stocks. Its broader peer NSE Nifty 50 shut shop at 14,507.30, adding 182.40 points or 1.27 per cent to its previous close.

On that day, the 10-year benchmark bond yield ended at 6.12 per cent. The rupee snapped a three-day losing streak to end with a gain of 11 paise at 72.51 against the US dollar, amid weakness in the greenback overseas.

On Monday, Asian equity markets moved on a mixed note, as US stock futures slipped and investors awaited details of proposed trillions in US fiscal spending that many are counting on to supercharge the global economic recovery.

Optimism about the US economy has been helped by the vaccination rollout with some 143 million shots given to almost 94 million people, far ahead of Europe’s rollout.

MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.3 per cent.

Meanwhile, the dollar began the week firmly and within a whisker of milestone peaks against the euro and yen on Monday, as U.S. economic strength and a vaccine rollout proceeding much more quickly than in Europe drew investors into the greenback.

The US dollar index rose 0.8 per cent to 92.773, having fallen late on Friday with a positive mood.

Trading in the Indian capital and money markets will resume on Tuesday.

This week will only have three trading sessions, as the markets will also remain closed on Friday for Good Friday.

Analysts expect volatility in the market in the holiday-truncated week.

“The coming, holiday-shortened week marks the beginning of a new month also, so macroeconomic data, i.e. core sector and auto sales numbers, will remain in focus. Besides, updates related to the Covid-19 situation in India and cues from the global markets will also be closely tracked by the participants,” said Ajit Mishra, VP Research, Religare Broking.

“The recent surge in the Covid-19 cases combined with feeble global cues has turned the participants cautious. Besides, the divergence between Nifty and the banking index amid excessive volatility across the board is keeping the traders guessing over the next directional move,” he added.

Tuesday’s session will also see the market debut of ace investor Rakesh Jhunjhunwala-backed Nazara Technologies. The issue, which was sold in the price band of Rs 1,100-1,101, was subscribed 176 times.

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