Mumbai: Indian stock markets are closed today, on the occasion of Dr. B.R. Ambedkar Jayanti. The day marks the birth anniversary of Babasaheb Ambedkar, who was born on April 14, 1891.
Every year, this day is observed as a public holiday across the country. Schools, banks, and several government offices remain shut in honour of the social reformer and architect of the Indian Constitution.
Meanwhile, the Indian equity markets ended the past week with gains after a very volatile session in the starting of week.
The week began with a sharp sell-off on Monday, as global markets reacted negatively to the U.S. government's announcement of reciprocal tariffs. The move led to fears of a trade war and caused panic among investors. The situation became worse when China responded with its own set of retaliatory measures, further impacting investor sentiment worldwide.
However, markets managed to recover some ground after the U.S. decided to defer the implementation of the tariffs for all countries except China. This move brought some relief to global markets, including India, and led to a rebound in stock prices in the following sessions.
Last week on Friday, Sensex closed at 75,157.26 points, up 1,310.11 points or 1.77 per cent, while Nifty closed at 22,828.55 points, up 429.40 points or 1.92 per cent. Nifty metal, consumer durables, oil and gas were the top movers among the sectoral indices.
On the domestic front, Indian indices also received a boost from the Reserve Bank of India's recent policy announcement. The central bank not only cut interest rates but also adopted a dovish stance, indicating that more support could be provided if necessary. This decision was welcomed by investors and helped cushion the earlier losses.
Ajit Mishra - SVP, Research, Religare Broking said "The upcoming holiday-shortened week will remain sensitive to further developments on the U.S.-China tariff front. On the domestic side, the spotlight will also be on corporate earnings, with heavyweights such as Wipro and Infosys from the IT sector, along with private banking majors HDFC Bank and ICICI Bank, scheduled to announce their quarterly results".
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