National stock exchanges BSE and NSE will remain closed on Tuesday due to Shri Mahavir Jayanti.
In addition, the stock exchanges will have 11 more days of official holidays this year, except Saturdays and Sundays.
In commodities, India’s Multicommodity Exchange (MCX) will remain closed during the morning session (9 am to 5 pm) on Tuesday due to the festival.
However, trading will resume in the afternoon session from 5:00 p.m. to 11:30 p.m., according to the exchange. Meanwhile, the National Commodities and Derivatives Exchange Limited (NCDEX) It will remain closed throughout the day.
Mahavir Jayanti, which marks the 2624th birth anniversary of Lord Mahavira, is being celebrated by Jain communities across the world.
The market holiday comes amid heightened global geopolitical tensions that have triggered a sharp sell-off in stocks.
Domestic markets have been under pressure due to sustained outflows by foreign institutional investors (FIIs), macroeconomic concerns and continued weakness in the rupee.
However, the US president has repeatedly indicated that the war with Iran has ended or is about to end, while the West Asia conflict has been underway for a month and enters its fifth week.
Against this backdrop, GIFT Nifty futures, an early indicator of the Nifty index, traded higher by about 1 per cent or 250 points at 22,690 at 9:10 am.
Meanwhile, on the global front, Wall Street finished lower, with the S&P 500 falling 0.39 percent and the Nasdaq closing down 0.73 percent.
In Asian markets, the Nikkei was trading down 100 points or 0.23 percent, the Hang Seng fell more than 50 points or 0.24 percent and the KOSPI plunged about 2 percent.
Oil prices also saw heavy losses, with Brent crude futures falling as much as 2.37 percent to $104.84 a barrel, an intraday low at 8:49 a.m. US WTI futures also fell 2 percent to $100.83 a barrel.
