Indian stock market is closed on Friday on the account of public holiday for Good Friday. Trading in Equity, Derivative and SLB Segments will remain suspended today. There will be no action in Currency Derivatives Segment and Interest Rate Derivatives segment as well. The market was also closed on Thursday for Dr Baba Saheb Ambedkar Jayanti, Mahavir Jayanti.
Equity indices gave up early gains to close in the red for the third session on the trot on Wednesday, weighed by selling in banking and finance counters amid inflationary pressures and persistent foreign fund outflows. A weak rupee and lacklustre global cues also kept buying sentiment in check.
The BSE Sensex closed 237 points lower at 58,338.93. On similar lines, the NSE Nifty dipped 54.65 points or 0.31% to close at 17,475.65. In the broader market, the BSE smallcap gauge gained 0.2%, while the midcap index dipped 0.2% in Wednesday’s session. In the holiday-truncated week, the Sensex tumbled 1,108 points or 1.8%, while the Nifty 50 lost 1.7%.
“Domestic markets witnessed some selling pressure in a short trading week as investors remained cautious given sustained high inflation and its impact on economy. Going ahead, market is likely to remain volatile till the inflationary pressure persists, raising scope for aggressive rate hike by Central Banks globally. Two index heavy weight Infosys and HDFC Bank will be announcing their results to which market would react on Monday. Overall, we expect healthy earnings which should drive the stock specific action in the stock market,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
India’s retail inflation soared to a 17-month high of 6.95% in March, and remained above the Reserve Bank of India’s upper tolerance level, while IIP grew just 1.7% in February, according to official data released on Tuesday.
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