Markets closed on account of Mahashivratri

Indian equity, forex, money and commodity markets will remain closed on Tuesday on account of Mahashivratri.

On Monday the S&P BSE Sensex ended at 34,300, up 295 points while the broader Nifty50 index settled at 10,540, up 85 points.

The mid-and small-cap indices outperformed their larger peers on Monday. The S&P BSE Mid-cap index gained 1.3 per cent by close, while the S&P BSE Small-cap index moved up 1.6%. 3M India, Amara Raja Batteries, Vakarangee, MRF, Tata Global and IGL were some of the top gainers in the mid-cap segment

Going ahead, analysts feel that markets will continue to take cues from global peers and can trade sideways for a few more sessions.

"We feel global cues will continue to dominate our market trend, in absence of any major event. Nifty may some bounce or consolidate further however sustainability at higher level seems difficult. Traders should use further recovery to reduce existing longs and creating fresh shorts. PSU banks are still weakest while others are seeing mixed trend," said Jayant Manglik, president, Religare Broking in an emailed note.

GLOBAL MARKETS

Asian stocks pulled further away from two-month lows on Tuesday, lifted by Wall Street’s extended rebound from last week’s steep fall, but investors remained cautious ahead of US inflation data later in the week.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1 per cent after sliding to its lowest level since December 11 on Friday. South Korea’s KOSPI climbed 1 per cent, while Japan’s Nikkei added 1 per cent. The Shanghai Composite Index was 1.2 per cent higher, buoyed by global gains and suggestions of possible Chinese government support.

Overnight, Wall Street’s three major indexes rose for the second day on Monday as investors regained some confidence after US equities had their biggest weekly drop in two years.

Still, caution lingered in the broader markets following the US-led tumble in riskier assets last week and ahead of US inflation data on Wednesday. A stronger-than-expected reading on price pressures could trigger a fresh wave of selling.

(with Reuters inputs)