The National Stock Exchange of India (NSE) and BSE will remain closed on March 1 on account of Mahashivratri 2022.
Wholesale commodity markets, including metal and bullion, will also remain shut. There will be no trading activity in the forex and commodity futures markets either.
On February 28, the Sensex was up 366.64 points, or 0.64 percent, at 57,858.15, and the Nifty was up 128.90 points, or 0.75 percent, at 17,278.
Maruti Suzuki, Axis Bank, State Bank of India, IndusInd Bank and UPL were the top Nifty gainers, while losers included Wipro, Bajaj Finserv, Titan Company, Infosys and Tech Mahindra.
On the BSE, the metal index jumped 5.4 percent, oil & gas index was up 2.4 percent and power index 1.5 percent. The IT index gained a percent, but auto and the bankex fell 0.5 percent each.
Broader indices performed in line with benchmarks. BSE midcap and smallcap indices added 0.8 percent each.
“Markets took a breather and gained over half a percent, tracking firm recovery in the US markets and upbeat earnings. Initially, the benchmark remained volatile, but healthy buying in select index majors from banking, auto and telecom space helped the index to gradually inch higher as the day progressed,” said Ajit Mishra, vice president of research at Religare Broking.
“Markets will react to the US Federal Reserve meeting outcome in early trade on Thursday and we expect volatility to remain high, thanks to the scheduled monthly expiry. Keeping in mind the scenario, we reiterate our cautious view and suggest preferring hedged positions,” Mishra added.
Indian rupee ended 21 paise lower at 74.77 per dollar on Tuesday against Monday’s close of 74.56.
“Alleged RBI (Reserve Bank of India) intervention and rally in equity markets triggered a sharp pullback in USDINR Spot. Over this week volatility will be high as Russia-Ukraine conflict remains the focus point,” said Anindya Banerjee, DVP, currency derivatives and interest rate derivatives at Kotak Securities.
“We expect a range of 75.00 to 76.80 over the near term on spot,” he added.