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NEW DELHI: Equity, currency and derivatives markets will be closed for trading on Tuesday, May 3, on the occasion of Ramzan Eid. Commodity markets will be closed only for the morning session and trading will resume in the evening. Markets will resume trading on Wednesday, May 4.

Meanwhile, Indian shares kicked off May on a weak note, tracking weakness in Asian peers after a sell-off in US stocks on Friday, as investors await an expected rate hike by the Federal Reserve this week.

IT and auto stocks were among the top drags on the benchmark. Meanwhile, the BSE Smallcap index bled about 1 per cent. Analysts said the excessive volatility in the market is likely to continue for some time.

Sensex settled at 56975.99 losing 84.88 points or 0.15 per cent, while Nifty wiped out 33.45 points or 0.20 per cent to end at 17,069.10. Throughout the day, the indices traded in a tight range, but at the end of the day banking stocks showed some recovery from the intraday low.

“The recent hawkish turn by Fed has made investors extra cautious ahead of the upcoming Fed meeting triggering high volatility in the market,” said Vinod Nair, Head of Research at Geojit Financial Services.

The rising dollar index, FII selling spree and elevated commodity prices further hammered the risk sentiment. On the other hand, domestic numbers like GST collection, auto sales numbers and Manufacturing PMI for the month of April gave a sense of an improving economic outlook.


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