India's Stock Markets to Remain Closed for Maharashtra Day
Indian Equity Markets Remain Under Pressure Amid Rising Geopolitical Tensions
The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will remain closed on May 1 due to Maharashtra Day. Trading in equities, equity derivatives, securities lending and borrowing (SLBs), currency derivatives, and interest rate derivatives will be suspended for the day on both exchanges.
However, the commodity derivatives segment will operate during the evening session (5:00 pm to 11:30/11:55 pm) on May 1, but will be closed for the morning session (9:00 am to 5:00 pm). Trading on the NSE and the BSE will resume on May 4.
The Indian equity markets experienced a decline on April 30, weighed down by rising geopolitical tensions and a spike in Brent crude prices to wartime highs. At close, the Sensex was down 582.86 points or 0.75 percent at 76,913.50, while the Nifty was down 180.1 points or 0.74 percent at 23,997.55.
| Market Index | April 30 | Change | Percentage Change |
|---|---|---|---|
| Sensex | 76,913.50 | -582.86 | -0.75% |
| Nifty | 23,997.55 | -180.1 | -0.74% |
| Nifty Midcap | -1% | -1% | |
| Nifty Smallcap | -0.5% | -0.5% |
In the broader market, the Nifty midcap index shed 1 percent, and the smallcap index fell 0.5 percent. Top Nifty losers included Tata Motors Passenger Vehicles, Hindalco Industries, Eternal, HUL, and Axis Bank, while gainers were Bajaj Auto, Sun Pharma, Infosys, Tech Mahindra, and Bajaj Finance.
Except for the IT sector, all other sectoral indices ended in the red, with the Metal index declining 2 percent, and PSU Bank, Private Bank, Consumer Durables, and Realty down 1 percent each.
The sell-off was broad-based, with several sectors ending in the red, led by metals, realty, and FMCG, while IT showed relative strength. Broader markets also mirrored the weakness, with midcap and smallcap indices declining around 0.4-0.8%, indicating widespread risk aversion.
The decline was primarily driven by a sharp surge in crude oil prices, which spiked to multi-year highs amid escalating geopolitical tensions in the Middle East and concerns over supply disruptions through the Strait of Hormuz. This raised fears of inflationary pressures and macroeconomic instability for oil-importing economies like India.
Additionally, weak global cues, a sharp depreciation in the rupee to record low levels, and continued foreign institutional outflows further weighed on sentiment. Elevated bond yields and cautious positioning ahead of key global developments and upcoming state election results kept investors on the sidelines.
The ongoing tussle in the benchmark reflects a lack of conviction among participants amid mixed cues, though this phase is expected to resolve soon. A decisive move below 23,800 in the Nifty could trigger further downside towards the 23,500 level or lower. On the upside, the 24,400-24,800 zone is likely to act as a strong resistance.
On Thursday, the Indian rupee weakened further to a fresh record low of 95.33 per dollar, but recovered and ended marginally lower at 94.92 per dollar versus Wednesday's close of 94.85.
Investor Takeaway
India's stock markets will remain closed on May 1 for Maharashtra Day, resuming on May 4.
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