Indian Stock Exchanges Closed for Holi as Markets Reel From Global Tensions
MUMBAI — Trading on India’s major stock exchanges will remain suspended Tuesday in observance of the Holi festival, exchange officials said.
The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) confirmed that trading in equities, equity derivatives, securities lending and borrowing, and interest rate derivatives will be closed for the day. Commodity derivatives trading will remain shut during the morning session but will reopen for the evening session.
The holiday follows a sharp selloff on Monday, when benchmark indices fell amid investor concerns over escalating tensions in West Asia.
The BSE Sensex dropped 1,048 points, or 1.29 percent, to close at 80,238. The NSE Nifty declined 312 points, or 1.24 percent, settling at 24,865.
Broader markets also mirrored the weakness. The Nifty Midcap 100 fell 1.58 percent, while the Nifty Smallcap 100 slid 1.75 percent.
Most sectoral indices ended in negative territory. Only Nifty Metal and Nifty Pharma posted marginal gains of 0.24 percent and 0.02 percent, respectively. Auto and consumer durables were among the biggest losers, falling 2.20 percent and 2.15 percent. Oil and gas stocks and PSU banks declined 2.15 percent and 1.84 percent, respectively.
Market analysts said immediate support for the Nifty is seen around 24,600, with resistance near the 25,000 mark.
Global crude oil prices continued to rise after reports that Iran had closed the Strait of Hormuz, a critical shipping route for global energy supplies. U.S. crude futures climbed 1.4 percent to $72.23 per barrel, while Brent crude rose 1.87 percent to $79.20 in early Tuesday trading.
On average, more than 14 million barrels of oil transit through the Strait of Hormuz daily, accounting for nearly one-third of global seaborne crude exports.
Asian markets were mixed in early Tuesday trading. China’s Shanghai Composite edged down 0.07 percent, while the Shenzhen index fell 1.05 percent. Japan’s Nikkei dropped 2.48 percent, Hong Kong’s Hang Seng eased 0.26 percent, and South Korea’s Kospi slid 5.29 percent.
U.S. markets closed mostly higher overnight. The Nasdaq gained 0.36 percent, the S&P 500 rose 0.04 percent, and the Dow Jones Industrial Average slipped 0.15 percent.
On March 2, foreign institutional investors (FIIs) were net sellers of Indian equities worth Rs 3,296 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 8,594 crore, according to exchange data. (Source: IANS)
