Mumbai: Indian equity, bond and foreign exchange markets were closed on Friday for ‘Maha Shivratri’ holiday. Going forward, market participants will keenly watch out for results of the ongoing UP election, say analysts. Counting of votes will take place on March 11.

The Sensex and Nifty indices have logged gains for six straight sessions. However, upside was capped amid volatility witnessed in the run-up to derivatives expiry ahead of an extended holiday due to Maha Shivratri. According to the Hindu calendar, Maha Shivratri is celebrated on the new moon day in the month of Maagha. (Read more)

The markets have seen gains of around 4 per cent between derivatives expiry of the months of January and February, with the Sensex adding 1,185 points and a 337 point gain in the Nifty. Foreign institutional investors or FIIs have turned net buyers so far this year, reversing the trend witnessed in the past few months.
On Thursday, the 51-scrip Nifty index rose 0.1 per cent to 8,939.5 – its highest close since September 8, 2016. The benchmark BSE index Sensex had settled 0.1 per cent higher at 28,892.97. IT stocks rallied led by Tata Consultancy Services or TCS, which jumped 2.8 per cent. The IT sub-index of NSE ended 1.66 per cent higher.

The benchmark 10-year bond yield fell 2 basis points to 6.91 per cent from the previous close, while the rupee strengthened to 66.8250/66.8350 a dollar, the highest since November 10, compared with its previous close of 66.9675/66.9775.

Wholesale commodity markets – including bullion and metals – were also closed on Maha Shivratri.