Stock markets, commodity, forex closed today for Mahavir Jayanti; trading to resume tomorrow

The stock markets–Bombay Stock Exchange, National Stock Exchange (NSE) are closed today (6 April) on account of Mahavir Jayanti. Besides the bourses, debt, forex and commodity marketsare also closed. Trading will resume on Tuesday, 7 April at the usual timings. [caption id=“attachment_4748931” align=“alignleft” width=“380”]  Representational image. Reuters.[/caption] This week the markets will work for three days only as on Good Friday that falls on 10 April, the markets will be shut. There have been major losses on the domestic stock market due to a 21-day lockdown announced by the government. On Friday, the NSE Nifty 50 index closed down 2.06 percent at 8,083.8 and the benchmark S&P BSE Sensex ended 2.39 percent lower at 27,590.95. The 10-year benchmark bond yield closed at 6.31 percent, while the rupee settled at 76.23 to the dollar. Last week, the RBI announced change in market timings for the government bond, forex markets, while maintaining the duration of other key banking-related activities. Accordingly, the Reserve Bank of India (RBI) notified that from 7 April, market activities–including the sales and purchase of G-secs– will commence by 10 AM and end at 2 PM. This is also half of earlier trading window for the instrument that commenced from 9 AM and ended at 5 PM. “The unprecedented situation created by the COVID-19 outbreak has necessitated lockdowns, social distancing, restrictions on the movement of people and non-essential activities, work from home arrangements and business continuity plans,” the RBI said in a statement. Asian stocks open high Asian stocks opened higher on Monday as there was a marked improvement due to the falling number of coronavirus deaths and new cases. In Asia, Australia’s benchmark index added 0.5 percent, Japan’s Nikkei was up 0.2 percent while South Korea’s KOSPI index climbed 1.4 percent. That left MSCI’s broadest index of Asian shares outside of Japan up 0.1 percent. China markets were closed for a public holiday. “Focus in markets will now turn to the path out of lockdown and to what extent containment measures can be lifted without risking a second wave of infections,” National Australia Bank analyst Tapas Strickland wrote in a note. “Key to a strong rebound in China will be the ongoing lifting of containment measures with Wuhan – the epicentre of the outbreak – set to lift containment measures on 8 April.” Strickland, however, noted many in China were still subject to social distancing and isolation restrictions to prevent a resurgence in infections. The pandemic has claimed more than 64,000 deaths as it further exploded in the United States and the death toll climbed in Spain and Italy, according to a Reuters tally. Concerns about heavy damage to the global economy have pushed investors into the perceived safety of government bonds where yields are at or near all-time lows. Elsewhere in currencies, the dollar was up a touch against the yen at 108.58. The euro was barely moved at $1.0803 while the risk-sensitive Australian dollar was up 0.2 percent at $0.6004. In commodities, Brent crude futures LCOc1 slipped 6.2 percent, or $2.13, to $31.98 a barrel while US crude CLc1 dived 7.4 percent, or $2.12, to $26.12. Spot gold was down 0.2 percent at $1,612.9 an ounce. However, volatility continues to remain high in global stock markets due to global restrictions, which have crippled trade and businesses around the world.   --With inputs from agencies