Indian Stock Markets Observe Holiday for Eid Celebrations

Indian Stock Markets Observe Holiday for Eid Celebrations




Indian stock exchanges have closed their doors on Thursday in observance of Eid, with regular trading activities set to resume on Friday.


Market Holiday Schedule

The next scheduled stock market closures are on April 17 and May 1, in observance of Shri Ram Navami and Maharashtra Day, respectively.


Market Performance

Following a minor correction on Tuesday, Indian stock indices rebounded on Wednesday, with the benchmark indices Sensex and Nifty each gaining about 0.5 percent. Last week marked a positive start to the new financial year, commencing on April 1.


Upcoming Market Trends

Investors are eagerly awaiting India's retail inflation data for March, scheduled for release on Friday, as well as heatwave alerts from the weather bureau, which could provide fresh market cues.


Inflation Trends

India's retail inflation has hovered around the Reserve Bank of India's comfort level of six percent but remains above the ideal scenario of four percent. In February, it stood at 5.09 percent. Despite inflation concerns in many countries, including advanced economies, India has managed its inflation trajectory effectively.


Foreign Investor Activity

Foreign portfolio investors (FPIs) have been pivotal in supporting Indian stock markets, with sustained inflows of funds. FPIs turned net buyers for the second consecutive month in March, following a period of aggressive selling in January 2024.


Recent FPI Data

Data from the National Securities Depository Limited (NSDL) revealed that FPIs purchased stocks worth Rs 35,098 crore in March, following a purchase of Rs 1,539 crore in February. In April, FPIs have already invested Rs 10,117 crore in Indian stocks, according to NSDL data.


Conclusion

Overall, while market holidays provide traders with a brief respite, attention remains focused on economic indicators and investor sentiment to gauge the trajectory of Indian stock markets in the coming days.

Location: Pune, Maharashtra, India

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