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Markets Shut for Mahavir Jayanti; Crude Oil Holds Above $107 Amid Global Volatility

Indian stock and commodity exchanges were closed for Mahavir Jayanti, pausing domestic trading. Global markets presented a mixed picture, with Asian indices mostly down while European markets gained. Brent crude oil prices remained elevated above $107 per barrel, sustaining worries over inflation and economic stability. The surge in energy costs pressures import-dependent economies like India, threatening higher inflation and potential central bank policy tightening.

Key Points: Mahavir Jayanti Holiday Closes Indian Markets; Global Cues Mixed

  • Indian markets closed for holiday
  • Asian indices trade mixed
  • Brent crude oil elevated near $107
  • European markets show positive momentum
  • Inflation concerns rise with energy prices
2 min read

Markets shut for Mahavir Jayanti, other Asian indices show mixed cues, Crude oil above USD 107

Indian markets closed for Mahavir Jayanti. Global indices show mixed trends as Brent crude stays above $107, raising inflation and growth concerns.

"Market sentiment has been under pressure due to the ongoing conflict in West Asia and disruptions in energy trade routes."

Mumbai, March 31

Indian stock markets remained closed on Tuesday on account of the Mahavir Jayanti holiday, with trading suspended on both the NSE and BSE.

In the commodities segment, the Multi-Commodity Exchange of India (MCX) also remained shut during the morning session from 9 am to 5 pm. However, trading is scheduled to resume in the evening session between 5 pm and 11:30 pm.

Global market cues remained mixed on Tuesday. In Asia, Japan's Nikkei 225 declined by 0.83 per cent to 51,465 level, while Singapore's Straits Times index rose by 0.31 per cent to 4,912 level. Hong Kong's Hang Seng index fell by 0.37 per cent to 24,659 level, and South Korea's KOSPI index declined by 3 per cent to 5,116 level.

In the commodities market, Brent crude oil prices moderated slightly but remained elevated at USD 107 per barrel. On Monday, crude prices had surged as high as USD 114 per barrel, reflecting ongoing supply concerns.

Gold prices witnessed a rebound after recent declines, with 24 karat gold trading at Rs 1,47,450 per 10 grams. Silver prices also showed a positive trend, trading at Rs 2,29,033 per kg at the time of filing this report.

In the US markets on Monday, the Dow Jones index closed nearly flat with a marginal gain of 0.11 per cent at 45,216 level. The S&P 500 index declined by 0.39 per cent to 6,343 level, while the Nasdaq index fell by 0.73 per cent to 20,794 level.

European markets, however, showed positive momentum. The FTSE index of the United Kingdom rose by 1.59 per cent to 10,127 level, France's CAC 40 index gained 0.91 per cent to 7,772 level, and Germany's DAX index surged by 1.16 per cent to 22,562 level.

On Monday, Indian equity markets witnessed a sharp decline. The BSE Sensex settled at 71,947.55 points, falling by 1,635.67 points or 2.22 per cent, while the NSE Nifty 50 closed at 22,331.40 points, down by 488.20 points or 2.14 per cent. The Indian rupee also traded near the 95 mark against the US dollar.

Market sentiment has been under pressure due to the ongoing conflict in West Asia and disruptions in energy trade routes. The surge in crude oil prices has raised concerns over inflation and global economic stability.

Higher energy prices are expected to push inflation upward, which could lead central banks to adopt a more hawkish stance on interest rates, impacting liquidity and growth.

India remains particularly vulnerable as it imports a significant portion of its energy needs. The rise in crude prices has increased the country's import bill, adding pressure on the economy amid global uncertainties.

- ANI

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Reader Comments

P
Priya S
The Sensex fall of over 1600 points yesterday is scary! With crude so high and global tensions, it feels like a perfect storm for our economy. Gold rebounding is the only silver lining here. Time to be cautious with investments.
R
Rohit P
Mixed Asian cues, Europe up, US flat... it's all over the place. But the real story is oil. At $107, petrol prices will shoot up again. My monthly budget is already stretched thin. This affects the common man the most. 😓
S
Sarah B
Interesting to see the holiday pause in trading. Gives investors a moment to breathe after Monday's crash. The rupee near 95 is a major concern. Need strong policy measures to shield against these external shocks.
V
Vikram M
Respectfully, while holidays are important, the timing feels off with such volatility. Traders are left exposed to global moves without being able to react. Maybe the exchange could have a limited holiday or electronic trading? Just a thought.
K
Karthik V
Gold at nearly 1.5 lakh per 10g and silver also up! When equity markets tumble, people rush to safe havens. This is classic investor behaviour. The focus should be on energy independence to reduce this vulnerability long-term. Jai Hind!

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