Stock Market Observes Holiday on Account of Holi

Indian Stock Market and Currency Update

Market Holidays: The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will remain closed on March 3 due to Holi celebrations.

Trading Schedule: 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. The commodity derivatives segment will be closed during the morning session but will resume trading in the evening session.

Market Resumption: Trading on the NSE and the BSE will resume on March 4 (Wednesday).

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Market Performance: The Indian equity indices fell more than 1% on March 2 due to weak global cues, with escalating tensions between the US and Iran pushing crude oil prices sharply higher and dampening investor sentiment.

Sectoral Performance: Except metals, all other sectoral indices ended lower, with Auto, Consumer Durables, and Oil & Gas down 2% each.

Key Laggards: The biggest Nifty losers were L&T, Interglobe Aviation, Adani Ports, Tata Motors Passenger Vehicles, and Adani Enterprises. The gainers included Bharat Electronics, Sun Pharma, ONGC, Dr Reddy's Labs, and Hindalco.

Currency Update: The Indian rupee ended 50 paise lower at 91.47 per dollar versus Friday's close of 90.97. The currency remains under pressure due to spiking oil prices, foreign capital outflow, and fears of expensive imports hurting the trade balance.

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Technical Analysis: The Nifty has slipped below the rising trendline on the daily timeframe, indicating increasing pessimism in the market. The RSI remains in a bearish crossover, confirming weak momentum.

Support and Resistance Levels: The immediate crucial support is placed at 24,600, while resistance is seen at 25,000.