Markets to remain closed on account of Holi, Good Friday

Analysts say the market direction from here on will depend on the RBI's Monetary Policy decision on April 5 and geopolitical developments

Indian equity and currency markets will remain closed on Thursday and Friday on account of Holi and Good Friday, respectively.

GLOBAL MARKETS

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The dollar advanced for a fifth straight session on Thursday, pressuring commodities and Asian shares after yet another Federal Reserve official talked up the chance of more than one increase in US interest rates this year.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.9%. A softer yen helped Japan's Nikkei recoup its early losses and nudge up 0.1%, though trading house Mitsui & Co dived 7% after suffering its first ever loss.

On Wall Street the Dow ended Wednesday with a loss of 0.45%, while the S&P 500 eased 0.64% and the Nasdaq 1.1%.

CHINA MARKETS FALL

China's major stock indexes fell on Thursday after state media reported 35 domestic brokerages have resumed short-selling business after a long hiatus.

The CSI300 index was down 0.8% at 3,211.50 points by 0126 GMT, while the Shanghai Composite Index lost 0.8% to 2,986.80.

China CSI300 stock index futures for April rose 0.2%, to 3,196, 15.50 points below the current value of the underlying index. The Hang Seng index in Hong Kong was down 0.8% at 20,450.69.

KEY LEVELS

Meanwhile, Indian benchmarks ended flat on Wednesday, in line with Asian peers as investors booked profits ahead of a long weekend and amid geopolitical concerns after militants targeted Brussels airport and a city metro station on Tuesday. The S&P BSE Sensex closed 7 points higher at 25,338, while the Nifty50 gained 2 points to end at 7,717 levels.

“The Nifty traded range-bound for yet another day’s trading in the early half of the day but managed to close once again at high point of the day suggesting that the short term up-trend is likely to continue. The index looks set for a move towards 7,780 – 7,850 range while the 200 DMA that is currently just below 7900, is also a possible near term target,” said Siddhartha Khemka, head of research at Centrum Wealth in a note.

“Support, on the other hand, is likely to be strong in case of drop towards 7,660 while overall trading structure remains positive as long as the index is trading above 7,550 which was the latest-most breakout level. The market breadth today improved in the latter half once again and is likely to remain firm in the near-term as is suggested by the overall placement of Nifty Mid-and-Small cap indices,” he added.

Analysts say the market direction from here will depend on the Reserve Bank of India's (RBI’s) Monetary Policy decision on April 5. Geopolitical developments at the global level is also likely to impact sentiment.

"We can expect a dovish policy with a cut of 25 basis points (bps). Any positive outcome will keep the uptrend open till 7,900-8,000 in the near term for Nifty," said Vinod Nair, head of fundamental research, Geojit BNP Paribas Financial Services.

With Reuters inputs