Maharashtra Day Holiday: Financial Markets Shut Today, Trading To Resume On Monday

Maharashtra Day Market Holiday: Domestic financial markets - including the equity, debt and currency segments - remained shut on Friday, May 1 for Maharashtra Day. Trading in the markets will resume on Monday, May 4. In the four-day holiday-truncated trading week, on account of the Maharashtra Day holiday on Friday, the S&P BSE Sensex equity market benchmark added 2,390.4 points - or 7.63 per cent - while the rupee strengthened 1.78 per cent to return to 75 levels from 76 against the US dollar. The recent recovery was in tandem with global markets, where investors remained optimistic about the development of treatment for COVID-19, which has pushed world business into a standstill.

On Thursday, stock markets rose more than 3 per cent, as the S&P BSE Sensex index ended 997.46 points higher at 33,717.62 and the broader NSE Nifty 50 benchmark settled at 9,859.90, up 306.55 points from the previous close.

Equity markets tracked gains in global peers on optimism about a COVID-19 drug to treat the pandemic that has pushed world business into a standstill. Hopes of fiscal stimulus to stem the impact of COVID-19 lockdown on the economy also fuelled the rally in domestic stock markets, say analysts. 

Rising 14 per cent in April, the Sensex registered its best monthly return in 11 years.

The rupee ended 0.75 per cent higher at 75.10 against the US dollar, after briefly climbing above the 75 mark against the greenback during the session. The 10-year benchmark bond yield ended at 6.35 per cent.

Earlier on Thursday, the Reserve Bank of India (RBI) said the trimmed market trading hours for debt and currency markets will continue till further notice. Trading in both segments currently takes place between 10 am and 2 pm in view of the COVID-19-induced lockdown.

The financial markets will also have a holiday on May 25 for Id-Ul-Fitr (Ramzan).