Indian stock markets shut on Maharashtra Day, trade to resume Tuesday

NEW DELHI: There will be no movement on the Indian stock exchanges on Monday (today) as they will be closed on account of Maharashtra Day. Normal trading activities will resume on Tuesday. On Friday, the domestic stock extended gains for the seventh consecutive session, tracking strong global cues as well as stronger corporate earnings.

The weakness in the US dollar has once again made Indian and other emerging equity markets lucrative for foreign institutional investors.

Adani Enterprises, Adani Ports, Britannia, Wipro and Nestle were the major gainers on NSE. Among the laggards, ONGC, JSW Steel and HCL Tech lost during the session.

For fresh cues, investors will continue to monitor the earnings of listed companies along with the latest pattern of foreign investments in Indian stocks.

Foreign portfolio investors (FPIs) have remained net buyers in Indian stock markets for the second straight month after having sold two months on a trot in January and February, latest data from the National Securities Depository (NSDL) revealed. FPIs bought assets worth Rs 11,631 crore in Indian stock markets in April.

Also, investors would eye US monetary policy meeting scheduled for May 2-3. In the US, the interest rate is currently at 4.75 to 5.00 per cent, which was near zero during the initial days of the pandemic and much of the hike was to manage rising inflation.