Indian equities, currency and commodity derivatives markets remained closed for trading on the occasion of Good Friday.
Dalal street professionals got to enjoy a holiday-shortened week as markets operated on just three days this week. The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) as well as currency and bond markets were shut on Monday, March 29, on account of the Holi festival.
The Indian stock, currency and bond market will resume trading on April 5, Monday.
In April, markets will observe two more holidays. The first will be on April 14 on account of Dr Baba Saheb Ambedkar Jayanti, and the second will be on April 21 on observation of Ram Navami.
As per BSE calendar, there are 14 scheduled holidays for equity markets, including six extended weekends, when a holiday falls on either Friday or Monday. Currency and bond markets will have 20 scheduled holidays.
On Thursday, the Indian equities, BSE Sensex and NSE Nifty, ended on strong note amid broad-based buying. The BSE Sensex reclaimed 50,000 by closing 520 points, or 1.05 per cent higher at 50,029, while the NSE Nifty 50 settled at 14,867, up 176 points or 1.2 per cent. The American jobs plan as well as record GST collections perked up sentiments despite a long weekend as India rolled out a larger vaccine program.
“Markets were buoyant today on the back of the American jobs plan and the huge federal spend ignited metal stocks today. Afternoon Trade saw strong investor interest in banks, metals & tyres as GST record collections of a 27 per cent yoy growth for March perked up sentiments despite a long weekend as India rolled out a larger vaccine program today,” says S Ranganathan, Head of Research at LKP Securities.
Going ahead, the Reserve Bank of India (RBI) policy announcement and earnings season will set tone for the market. The RBI’s Monetary Policy Committee (MPC), which decides on key interest rates, will meet from April 5 to 7, while the six-member panel will announce policy on April 7. According to the schedule provided by the RBI, the MPC will meet six times during the next financial year. After first meeting in April, the second meeting of the MPC in the next fiscal will be held on June 2, 3 and 4; third meeting (August 4-6); fourth meeting (October 6-8); fifth meeting (December 6-8) and sixth meeting (February 7-9, 2022).
