The National Stock Exchange of India (NSE) and the BSE will remain closed on May 13 on account of Id-Ul-Fitr (Ramzan Id).
Wholesale commodity markets, including metal and bullion, will also remain shut. There will be no trading activity in the forex and commodity futures markets as well.
On May 12, the Sensex was down 471.01 points or 0.96% at 48690.80, and the Nifty was down 154.30 points or 1.04% at 14696.50.
"Nifty has pierced 14700 during the intra-day session and managed to close around it. Hence, traders would need to review the situation on Friday," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
"If we are unable to hold this level, we could drop to 14,400. On the upside, if we can get back above 14,850, the index can scale up to 15,000 and then 15,200," Hathiramani added.
On the sectoral front, Nifty PSU Bank index rose over 3 percent, while Nifty Bank, metal and energy indices fell 1-3 percent.
Tata Steel, Hindalco Industries, JSW Steel, IndusInd Bank and HUL were among the top losers on the Nifty. Gainers included Tata Motors, Titan Company, Maruti Suzuki, Power Grid Corp and UPL.
"The market has formed bearish continuation formation, however, as the markets are range bound, till the Nifty/Sensex is not closing below the levels of 14600/48400, we would do a pullback towards, 14800/49000 levels," said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
"The focus should be on cement, PSU banks and auto stocks if the market remains strong. Buy metal stocks if the market drops to 14500/48100 levels," Chouhan added.
On the BSE, except auto, all other sectoral indices ended in the red with metal, bank and oil & gas indices shedding 1-3 percent.
BSE Midcap and Smallcap indices fell 0.6-0.9 percent.
On May 12, the Indian Rupee ended lower by 8 paise at 73.42 per US Dollar against May 11's close of 73.34.
"Technically, 73 is a major support zone, a consistent trading below that may push prices towards 72.75-72.50, while a reversal may take prices towards 73.75-74 zone," said Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.