The capital and money markets will resume usual trade on Tuesday. On Friday, Wall Street stocks surged in the last half an hour of trade, lifting the three key indices by over 1 per cent. The S&P500 Index and Dow Jones eked out record closing highs.
The Dow Jones Industrial Average Index climbed 453 points, or 1.39 per cent, to 33,072. The S&P500 index gained 65.02 points, or 1.66 per cent, to 3,974 while Nasdaq Composite added 161 points, or 1.24 per cent, to 13,138.
The strong close for US stocks would influence Asian and European markets on Monday. But since the Indian market will be shut for the day, it would react to the global developments only on Tuesday.
Tuesday’s session will also see the listing of Rakesh Jhunjhunwala-backed Nazara Technologies stock. The issue, which was sold in the Rs 1,100-1,101 price band, saw great response with 176 times subscription.
To be sure, Monday isn’t the only market holiday this truncated week. The week will have another holiday on Friday on account of Good Friday.
“Next week would be a truncated one for Indian marketsdue to a couple of bank holidays, hence the traders would watch the global cues closely and have positions accordingly. Given the likelihood of high volatility continuing in the market for some time, investors would do well by staying calm and gradually accumulating good quality companies on declines in the market,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
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