The multi-commodity exchange will also be closed for the morning session but will open for trading in the evening session (5-11:30 p.m.). In the entire calendar year, the markets have 15 annual holidays in 2023, two more than last year.
Benchmark index Sensex fell over 800 points on Monday amid pessimism over unrest in West Asia and elevated rate hike trajectory in the US.
“Despite the healthy performance of private banks and marginal reductions in oil prices, investor confidence remained pessimistic, and a widespread consolidation persisted in the domestic markets,” said Vinod Nair, Head of Research at Geojit Financial Services.
All the 13 major sectors logged losses. Kotak Mahindra Bank lost 2% after it named international banker Ashok Vaswani as managing director and CEO on Monday. Most analysts had expected an insider to succeed Uday Kotak.
Private lender ICICI Bank was down 0.18% after it beat quarterly estimates and posted a nearly 36% jump in net profit. The stock has the third-highest weightage in the benchmark.
Analysts said the market will take further cues from the Israel-Palestine conflict.”One should keep watch on the earnings of major companies in India. Some major global and domestic events will be in focus such as UK services PMI, US Manufacturing and Services PMI, building permits, new home sales, GDP, initial jobless claims, crude oil inventories, India’s balance of payment, and forex reserves,” said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services.
Asian shares were also lower on Monday as higher risks of broader conflict in the Middle East clouded market sentiment and bond yields further pressured stocks. US futures rose while oil prices fell back.
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