Indian stock markets closed today for Maharashtra Day

MUMBAI: Indian stock markets will remain closed on Thursday, May 1, in observance of Maharashtra Day. Both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have suspended trading for the day.

In the broader Asian region, Japan’s Nikkei opened on a positive note with a modest gain of 0.4 per cent, and was trading at 36,190 in the early hours.

Back home, Indian equity benchmarks ended marginally lower in a volatile trading session on April 30. The BSE Sensex slipped 46.14 points or 0.06 per cent to settle at 80,242.24, while the NSE Nifty shed 1.75 points or 0.01 per cent to close at 24,334.20.

Commenting on the market sentiment, banking and market expert Ajay Bagga said, “Indian markets are seeing a robust FPI inflow and continued domestic inflow which is helping the markets. However, the big question is the nature of the Indian retaliation against Pakistan. A statement from Pakistan officials yesterday that an Indian attack was imminent in the next two days has heightened risk perceptions. There will be a sharp downward reaction to any military action by India on terror sponsor Pakistan. That is what is holding back Indian markets at present”.

Among sectoral indices on the NSE on Wednesday, Nifty Media and Nifty PSU Bank witnessed a sharp correction of more than 2 percent. Other sectoral indices also ended in the red, barring Nifty Auto and Nifty Pharma. Nifty Auto posted marginal gains, while Nifty Pharma advanced 0.44 percent by the close.

Globally, concerns surrounding the Trump administration’s tariff policy are starting to show in economic data. The US trade gap rose to record highs in March as importers frontloaded shipments ahead of the April 2 tariffs. The US GDP data for the first quarter is expected later today and is estimated to be barely positive or slightly negative due to the drag from the surge in imports.

Meanwhile, Chinese manufacturing and export activities have slipped into the contraction zone for April, as indicated by flash data released. (ANI)