Indian stock markets to be close today for Eid celebrations

Indian stock exchanges will remain closed on Thursday in observance of Eid, with regular trading activities resuming on Friday. The subsequent stock market holidays are scheduled for April 17th and May 1st, marking Shri Ram Navami and Maharashtra Day, respectively.

Following a slight correction on Tuesday, Indian stock indices bounced back into positive territory on Wednesday. Both the benchmark indices, Sensex and Nifty, recorded approximately a 0.5 percent increase during the trading session. Last week, which marked the onset of the new financial year starting April 1st, witnessed a continuation of positive momentum in Indian stocks.

Looking forward, investors are closely monitoring India’s retail inflation data for March, set to be released on Friday, along with heat wave alerts from the weather bureau for fresh market indicators. While India’s retail inflation currently falls within the Reserve Bank of India’s comfort range of two-six percent, it remains above the ideal four percent target, standing at 5.09 percent in February. Despite inflation concerns in many countries, including advanced economies, India has effectively managed its inflation trajectory.

Additionally, consistent inflows of funds from foreign portfolio investors (FPIs) have been bolstering Indian stock markets. FPIs emerged as net buyers for the second consecutive month in March in Indian stock markets, reversing their stance after aggressively selling Indian stocks and becoming net sellers in January 2024.

According to the latest data from the National Securities Depository Limited (NSDL), FPIs purchased stocks worth Rs 35,098 crore in March and Rs 1,539 crore in February. In April so far, their investments have totaled Rs 10,117 crore, as per NSDL records.