Stock Market To Be Close Today For Maharashtra Day

In commemoration of Maharashtra Day, stock exchanges are scheduled to close on Wednesday. Regular trading is scheduled to return on Thursday. May 20, the day of the general elections, is set aside for the following market holiday.

The US stock market was doing well yesterday, but investor confidence improved because of lower tensions in West Asia and the reversal of earlier gains caused by the strong US market. After a relatively calm gain at the start of April, foreign portfolio investors (FPIs) sold down, which contributed significantly to the recent spike in volatility on Indian stock markets. The National Securities Depository Limited (NSDL) has disclosed that foreign portfolio investors (FFIs) have sold off Rs 8,671 crore worth of Indian stocks as a result of recent geopolitical concerns in the Middle East.

Looking ahead, market activity will be influenced by corporate earnings releases and the eagerly anticipated Federal Open Market Committee (FOMC) meeting scheduled from April 30 to May 1. During its March meeting, the US Federal Reserve opted to maintain the key interest rate at 5.25-5.50 per cent, marking the fifth consecutive time the rate remained unchanged, as part of efforts to manage high inflation. These decisions follow a period of near-zero interest rates during the COVID-19 pandemic.