Indian Stock Exchanges Closed in Observance of Eid Festivities

By siliconindia  |  Thursday, 11 April 2024, 09:56:48 AM IST

Indian Stock Exchanges Closed in Observance of Eid Festivities
Indian stock exchanges remained closed on Thursday due to Eid, with normal trading activities set to resume on Friday. The recent session witnessed a rebound in the market after a mild correction on Tuesday, with both benchmark indices, Sensex and Nifty, climbing approximately 0.5 percent each on Wednesday. This positive momentum follows last week's performance, marking the first week of the new financial year that commenced on April 1.
Looking ahead, investors are closely eyeing India's retail inflation data for March, scheduled for release on Friday, as well as heat wave alerts issued by the weather bureau, for potential market implications. Despite retail inflation hovering around the Reserve Bank of India's (RBI) comfort level of two-six percent, it remains above the ideal scenario of 4 percent, standing at 5.09 percent in February. Notably, India has managed to navigate its inflation trajectory effectively compared to other countries, including advanced economies.
Furthermore, the sustained influx of funds by foreign portfolio investors (FPIs) continues to bolster Indian stock markets. FPIs turned net buyers for the second consecutive month in March, following aggressive selling and net selling trends witnessed in January 2024. Data from the National Securities Depository Limited (NSDL) revealed that FPIs purchased stocks worth Rs 35,098 crore in March and Rs 1,539 crore in February. Notably, in April, FPIs have already bought stocks worth Rs 10,117 crore, according to NSDL data.
These developments underscore the resilience of the Indian stock market amidst global economic uncertainties and domestic factors. With investors closely monitoring economic indicators and external influences, the market remains poised for further insights and potential fluctuations in the coming sessions.

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