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As per the official market holiday calendar, both NSE and BSE will be closed tomorrow on account of Ram Navami, and trading will resume on March 31.
BSE has announced that its equity segment, derivative segment, and SLB segment will remain closed tomorrow. Additionally, the multi-commodity exchange will remain closed for the morning session and resume trading for the evening session at 5 pm on March 30.
Over the next two weeks, there will be three more market holidays, with both NSE and BSE shut for Mahavir Jayanti and Good Friday on April 4 and April 7, and Baba Saheb Ambedkar Jayanti on April 14.
The benchmark indices are currently trading flat on Wednesday, despite easing concerns regarding the banking turmoil in the developed world. Given the absence of near-term market cues, it is expected to remain range-bound for a while before taking a new direction.
Furthermore, market participants will be closely watching the US market, where inflation, Fed’s response, and banking crisis-related news will influence the market in the near term.
Despite recent market corrections, the valuations for the broader market have become more attractive, with the Nifty Smallcap index and Nifty Midcap index having corrected around 10% and 6%, respectively, in the last three months. This presents a good opportunity for long-term investors to consider investing.
In the coming days, market participants will be focusing on key economic data from the US and UK, along with the RBI monetary policy meeting scheduled next week.
Given that retail inflation remains above the comfort level of 6% and that most global peers, including the US Fed, are maintaining their hawkish stance, the Reserve Bank of India may also opt for a 25 basis points hike in the bi-monthly monetary policy, to be announced on April 6.