All wholesale commodity markets, including metal and bullion, are also closed.
The BSE and the National Stock Exchange (NSE) are closed for trade on March 21, 2019, on account of Holi. All wholesale commodity markets, including metal and bullion, are also closed.
The forex and commodity futures markets, too, will not trade.
Benchmark indices closed the volatile session on a flat note amid weak global cues, on March 20. The Nifty managed to hold 11,500, while the Sensex closed with marginal gains.
At the close of market hours, the Sensex was up 23.28 points at 38,386.75, while the Nifty50 was down 11.40 points at 11,521.
"Market lacked any clear direction and with high volatility it settled with mixed bias. Market is taking a cautious view after the solid performance in the last one month," Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.
He said factoring trading holiday it was waiting for the global stance post the Federal Reserve policy.
Federal Reserve kept the benchmark funds rate in a range of 2.25 percent to 2.5 percent and its statement indicated no more rate hike in current year.
Vinod Nair said sustained inflow from overseas funds and strength in rupee is likely to support the market in the future.
FIIs were net buyers for 11th consecutive session, to the tune of Rs 1,771 crore. They, so far, net bought nearly Rs 27,000 crore worth of shares in March, in addition to Rs 15,328 crore of buying in February.
Indiabulls Housing, Hindalco Industries, Infosys, Dr Reddy's Labs and L&T were the top gainers among Nifty50 stocks, while HPCL, Zee Entertainment, BPCL, NTPC and ONGC lost the most.
The broader markets underperformed frontline indices with the Nifty Midcap index falling 0.5 percent and Smallcap index down 0.3 percent as breadth was in favour of bears.
About two shares declined for every share rising on the National Stock Exchange.
The sectoral trend was mixed with Nifty Realty rising most (up 2.4 percent), followed by IT, Bank and Pharma. However, Nifty Auto and Metal fell over a percent each.
On the Options front, maximum Put open interest (OI) is at 11,000 followed by 11,200 strike whereas maximum Call OI is at 11,500 followed by 11,600 strike.
Put writing is at 11,500 followed by 11,400 strike while Call writing is at 11,600 followed by 11,700 strike.
Option band signifies a trading range of 11,400-11,700.Meanwhile, the rupee on Wednesday gained 13 paise to close at 68.83 against the US dollar amid sustained buying by foreign investors in domestic equity markets and lower crude prices.