The market will resume its activities on Monday, March 21.
Meanwhile, benchmarks ended the truncated holiday week with healthy gains that followed a global market rally even as the US Federal Reserve raised interest rates for the first time since 2018.
Further progress in ceasefire talks between Russia and Ukraine and lower crude oil prices have attracted investors. Nifty is now up more than 10% from last week’s low of 15,671 visits (March 8), while Sensex is up 8.75% from recent lows.
Analysts said the recent rebound has certainly eased some pressure, but lingering geopolitical tensions combined with an uptick in China’s Covid case will continue to keep participants on edge.
“Participants should focus on sectors/stocks showing resilience and align positions accordingly,” said Ajit Mishra, Religare Broking.
Wall Street stocks rebounded from early-trading losses on Thursday as investors weighed the economic implications of the Federal Reserve’s surprisingly aggressive interest rate stance, while oil prices surged on concerns supply shortage resulting from the Russian-Ukrainian conflict.
Stocks were mostly weaker in Asia on Friday after Wall Street extended a rally into a third day and oil prices rose above $105 a barrel. Tokyo and Sydney advanced while Hong Kong, Shanghai and Seoul declined.