Sensex, Nifty closed for Ram Navami, trading resumes Thursday

Indian stock exchanges are shut on Wednesday for Ram Navami, with normal trading activities now resuming Thursday. The next stock market holiday is on May 1, for Maharashtra Day.

On Tuesday, the Indian stock markets closed with the third successive weak session in line with global market weakness after the escalation of the Iran-Israel conflict. The Nifty concluded 0.56 per cent lower at 22,147.90, while the BSE Sensex ended 0.62 per cent lower at 72,943.68 on Tuesday’s trading session.

“Weak global cues are largely weighing on the sentiment and this trend may continue, with intermediate pause/rebound,” said Ajit Mishra, Senior Vice President (Research) Religare Broking Ltd.

The IT sector saw the most significant decline Tuesday, primarily due to expectations of earnings being affected by weak discretionary spending in the US and muted domestic Q4 results, said Vinod Nair, Head of Research, Geojit Financial Services.

“The domestic market sustained its consolidation trend for the third consecutive day, amid apprehensions regarding geopolitical tensions and drop in the probability of a cut rate in the short-term. Heightened concerns arose following stronger-than-anticipated US retail sales, amplifying the assumption that the US Federal Reserve might delay rate cuts, leading to a notable uptick in the dollar index and US bond yields,” Nair added.

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