Stock Market Holiday: Stock exchanges BSE and NSE will be 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 the 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. In the previous session, both benchmark indices ended in red with Sensex closing 237.44 points, or 0.41 per cent down at 58,338.93, and the NSE Nifty 50 was down 54.60 points, or 0.31 per cent at 17,475.70. The stock market will now open again for trading on Monday.
Ajit Mishra, vice president of research, Religare Broking, said: “We have a long weekend ahead and markets will react to two major earnings i.e. Infosys and HDFC bank on Monday i.e. April 18. Besides, any major development on the global front in the next four days would also impact the sentiment.”
Giving a round-up of the week that it was, Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd., said: “Despite a promising close last Friday, our markets started the week on Monday on a tepid note owing to sluggish global cues. On the same day, the Nifty consolidated for the major part with the hint of some weakness to close below 17,700. However, on the following day, we witnessed a decent gap opening on the back of some nervousness seen across the global markets. Although the damage was restricted to a great extent, individual stocks saw decent profit booking all this while. A similar range-bound session was observed on Wednesday to conclude the truncated week with a nearly 2 per cent loss tad below the 17,500 mark.”
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said: “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. Q4FY22 result season has started with TCS numbers being in line with expectation and Infosys missing estimates. Index heavyweight HDFC Bank will be announcing its results over the long weekend to which the market would react on Monday Overall we expect healthy 4QFY22 earnings which should drive the stock-specific action in the market.”
The impact of high commodity prices has started showing up in CPI inflation prints and is forcing RBI’s hand to reduce accommodation and open up a path for higher rates starting from June. Tighter financial conditions are unfavourable for valuations of mid & small caps and the outlook favours defensive posturing for portfolios, said analysts.
Also, trading in markets regulated by the Reserve Bank of India (RBI) will start from 9.00 am onwards from April 18, with the restoration of pre-pandemic trading timings. Currently, the markets open at 10.00 am.
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