The market trend will continue to remain challenging until the fresh cases start to decline, says Ajit Mishra, VP - Research, Religare Broking.
The Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) will remain shut on April 6 on account of Mahavir Jayanti.
Wholesale commodity markets, including metal and bullion, will also remain shut and there will be no trading activity in the forex and commodity futures markets as well.
On April 3, the Sensex ended 674.36 points or 2.39 percent lower at 27590.95, while Nifty fell 170 points or 2.06 percent at 8083.80.
Top Nifty gainers on Friday were GAIL India, ITC, Cipla, and Sun Pharma, while top Nifty losers included Titan Company, IndusInd Bank, ICICI Bank, and Axis Bank.
Buying was seen in the energy, FMCG and pharma sectors, while the auto, bank, IT and metal remained under pressure.
"The Indian benchmark indices continued to plunge, after a surge in the number of coronavirus cases in India. Besides, Moody’s report on the banking sector wherein they’ve changed their outlook to negative from stable, further dented the sentiment," said Ajit Mishra, VP - Research, Religare Broking."We believe the market trend will continue to remain challenging until the fresh cases start to decline. Though the defensive pack is playing saviour, the damage in other sectors is more severe and that would keep the markets under pressure ahead also. In short, traders should continue with short bets while keeping the focus on risk management," he added.