Indian stock markets to remain closed on account of Holi

The Bombay Stock Exchange and the National Stock Exchange will remain closed on Tuesday on account of the Holi festival. 

Trading in equities, equity derivatives, securities lending and borrowing and interest rate derivatives will be suspended for the day, exchanges said on Tuesday. Commodity derivatives will be closed in the morning and open for the evening session.

On Monday, Sensex lost 1,048 points, or 1.29%, to reach 80,238 and Nifty dropped 312 points, or 1.24% to settle at 24,865 at market close, amid investor concerns over tensions in West Asia.

Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 declined 1.58%, and the Nifty Smallcap 100 lost 1.75%.

All sectoral indices traded in red except Nifty metal and pharma up 0.24% and 0.02%, respectively. Auto and consumer durables were among top losers, down 2.20% and 2.15%, respectively. Oil and gas as well as PSU bank plummeted 2.15% and 1.84%, respectively.

Analysts said that the immediate support for Nifty is placed at 24,600, while resistance is seen at 25,000.

Oil prices continued to rise after Iran reportedly said it had closed the Strait of Hormuz, with US crude futures up 1.4% to $72.23. Brent crude gained 1.87% to trade at $79.2 per barrel in early session on Tuesday.

Over 14 million barrels transited via the Strait each day on average last year, amounting to nearly a third of the world’s overall seaborne crude exports.

In early trade on Tuesday, China's Shanghai index lost 0.07%, and Shenzhen dipped 1.05%, Japan's Nikkei declined 2.48%, and Hong Kong's Hang Seng Index eased 0.26%. South Korea's Kospi lost 5.29%.

The US markets ended largely in green overnight as Nasdaq added 0.36%. The S&P 500 gained 0.04%, and the Dow Jones declined 0.15%.

On March 2, foreign institutional investors (FIIs) net sold equities worth ₹3,296 crore, while domestic institutional investors (DIIs) were net buyers of equities worth ₹8,594 crore.

(This story was taken from syndicated feed and was only edited for style by Gujarat Samachar Digital team)