Trading on Indian stock exchanges NSE and BSE will continue as normal on Wednesday, March 4, despite Holi festivities being observed in several regions of the country. The official market holiday for Holi in 2026 was on Tuesday, March 3, and both the BSE and National Stock Exchange have resumed operations thereafter.

Exchanges operate strictly as per their notified annual calendar, and March 3 was the designated closure for Holi this year. Even though celebrations spill over into March 4 in many states, there is no trading halt across the equity, derivatives or currency segments on Wednesday.

Stock market holiday calendar 2026
In total, Indian exchanges will observe 15 trading holidays in 2026, spanning key national and religious events.The next scheduled holidays are Ram Navami on March 26 and Mahavir Jayanti on March 31. April will see markets closed for Good Friday on April 3 and Ambedkar Jayanti on April 14. Maharashtra Day on May 1 will also be a non-trading day.

In the first half of the year, Bakri Id on May 28 and Muharram on June 26 are marked as holidays. Later in the year, trading will remain suspended for Ganesh Chaturthi on September 14 and Gandhi Jayanti on October 2. Dussehra falls on October 20, followed by Diwali Balipratipada on November 10 and Guru Nanak Jayanti on November 24. The final market holiday of 2026 will be Christmas on December 25.
Independence Day on August 15 falls on a weekend in 2026, meaning there is no additional weekday closure beyond the regular Saturday break.
Markets brace for war-driven volatility
The resumption of trading comes against the backdrop of heightened geopolitical stress. Escalating hostilities between the United States, Israel and Iran have unsettled global financial markets, triggering a surge in crude oil prices and prompting a shift toward risk aversion.

On Monday, Indian equities saw heavy selling pressure as investors reacted to the expanding conflict in West Asia. The Sensex and Nifty opened sharply lower and remained under pressure for most of the session before trimming some intraday losses. Broader indices, including midcaps and smallcaps, also declined, reflecting widespread caution.

The core concern for Indian markets remains oil. With tensions threatening energy flows through the Middle East, crude prices have risen sharply, stoking fears of imported inflation, pressure on the rupee and a widening current account deficit. Any sustained disruption could complicate the interest rate outlook and weigh on corporate margins, particularly in oil-intensive sectors.

Market participants are also factoring in global cues. Wall Street has corrected sharply to the evolving situation. The trajectory of crude prices and the duration of the conflict are likely to dictate near-term sentiment.

Technically, analysts say the Nifty is hovering near important support levels after the recent slide. A break below recent swing lows could extend the correction, while any stabilisation in oil prices may offer room for a relief bounce.

Given the uncertain backdrop, brokers are advising investors to avoid aggressive positioning and focus on capital preservation. With geopolitical developments still unfolding, the immediate outlook hinges less on festival calendars and more on energy markets and global risk sentiment.

(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of Economic Times.)

Asian equities tumbled as investors braced for the economic fallout of widening conflict in the Middle East, which has already sent oil prices soaring and rattled currency markets.

• Asian markets faced sharp declines as Seoul’s benchmark plummeted 4%, pushing its two-day losses past 11%, driven by a downturn in memory chipmakers. Meanwhile, Japan’s Nikkei slid 2.5%, marking its third consecutive session of losses.
• Currency and Commodities Pressure The South Korean won hit a 17-year low. Brent crude surged more than 12% this week, trading near $81.40 per barrel. Gold steadied at $5,128 an ounce after a sharp overnight drop.
• Geopolitical Drivers U.S. and Israeli forces continued strikes on Iran, while Iranian drones and missiles targeted Gulf oil refineries and U.S. embassies in Saudi Arabia and Kuwait. Washington announced measures to secure Gulf shipping, including possible naval escorts for oil tankers.
• Global Market Reactions Wall Street’s S&P 500 closed 0.8% lower, while European futures rose 0.8%. The euro slipped below $1.16, and European gas prices jumped 65% in two days, raising inflation concerns.
• Investor Outlook Analysts warn that sustained high energy prices could delay interest rate cuts, forcing investors to unwind positions in gold and chipmakers to cover losses elsewhere.

The escalating Middle East conflict has triggered a wave of uncertainty across global markets, with Asia bearing the brunt of investor anxiety. Rising oil prices and currency volatility are compounding fears of prolonged inflationary pressures. Unless geopolitical tensions ease, the outlook suggests continued instability, leaving policymakers and investors alike facing difficult decisions in the weeks ahead.

This uncertainty has led to a flight to safe-haven assets, with gold prices surging and government bond yields fluctuating as investors seek stability. Meanwhile, equity markets across Asia have experienced sharp declines, particularly in sectors sensitive to energy costs and global trade. Central banks in the region may face mounting pressure to adjust monetary policies to counteract inflationary risks, even as they strive to support economic growth. In this volatile environment, businesses are bracing for potential disruptions in supply chains and increased operational costs, further complicating recovery efforts in post-pandemic economies.

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As geopolitical tensions roil global markets and Indian equities witness sharp intraday swings, investors are grappling with a familiar dilemma — buy the dip or sit tight?

Speaking to ET Now during a volatile trading session, Anand Tandon, Independent Analyst struck a note of caution, arguing that the current correction, while uncomfortable, does not qualify as chaos.

“I would hesitate to call a 1% odd cut in the market as mayhem given where we are in the geopolitics and our own earnings growth versus valuation,” Tandon said, pointing out that Indian equities remain among the most expensive in the emerging market pack.

He noted that even without the trigger of tensions in the Middle East, domestic markets were trading at stretched valuations relative to growth prospects. “If you look at emerging markets generally, you are looking at markets which are likely to do 20% plus earnings growth and are trading at about two-thirds the valuation that we are in,” he observed.

According to Tandon, India’s growth may improve marginally this year compared to the previous one — but that optimism hinges on geopolitical stability. In such a backdrop, he sees little merit in aggressive dip-buying. “I do not think that there is any argument to be made for rushing out and buying in a hurry,” he said, advising investors to focus on fundamentally sound stocks that have corrected meaningfully and to wait patiently for attractive entry points.

Banking: Selective Exposure Preferred
On the banking space, particularly public sector banks, Tandon acknowledged that valuations appear reasonable and balance sheets are cleaner than in the past. However, he flagged a potential risk as the credit cycle gathers pace.
“Credit growth has started to pick up again and companies have started to go out there and borrow, which means that there is a great opportunity to build up a crap portfolio — and I choose my words carefully,” he remarked, stressing the need for prudence in fresh lending.He cautioned that public sector banks are not always known for disciplined credit underwriting. While making an exception for State Bank of India, citing its strong credit history, he advised investors to tread carefully. “If you have to be in banking, which is something I would recommend that people continue to remain in, you are probably better off being among the larger banks in the private sector and the public sector,” he said.

Aviation vs Engineering: Clear Preference
When asked to choose between aviation and engineering, Tandon was unequivocal. “If the choice is between aviation and engineering, I would prefer engineering at any time,” he said.

While acknowledging that Larsen & Toubro is not cheap, he believes any meaningful correction could present a buying opportunity, especially given the company’s exposure to regions currently under conflict. “These are not companies that you get cheap very often,” he noted, adding that near-term execution challenges or earnings slowdowns should not overshadow long-term strength.

On aviation, he remained unconvinced. “I have never managed to find myself convinced that aviation is something that will be able to generate profits over a sustained period of time,” he said.

Autos and Ancillaries: Look Beyond the Obvious
Despite in-line February numbers and strong management commentary, auto stocks were among the worst hit in the session. Tandon attributed part of the weakness to heavy ownership in the sector.

“The numbers are coming through quite well and most of the management commentary seems to indicate that the order books are fairly robust,” he said, suggesting that domestic demand remains healthy.

However, he encouraged investors to look beyond frontline automakers. “There may be other ways to play that as well besides the auto, which is the auto ancillaries,” he said, recommending companies insulated from technological disruption and those with global exposure.

IT: No Immediate Triggers
On information technology, Tandon offered a blunt assessment. “Broadly, I see no reason for me to be very bullish on IT at this stage,” he said.

He believes investors must first assess the long-term impact of artificial intelligence before turning constructive on the sector. “We need to let the technology settle down and see how far AI is able to take things,” he said.

With domestic hiring trends flat to negative, he sees little evidence of near-term momentum. “We have negative to zero hiring in IT in the domestics in the current year, I think that tells its own story,” he added.

Geopolitical Wildcards
On the broader geopolitical shock, Tandon refrained from making bold predictions. “Clearly two options — one, the Iranian regime collapses immediately, in which case obviously all things can go up. On the other hand, you could have a missile from Iran go and hit one of the major platforms of the US and then you have trouble,” he said.

In the end, he admitted that forecasting outcomes in such an environment is futile. “Your guess is as good as mine, I do not think there is an answer one can make there.”

For investors navigating the crosscurrents of valuation concerns, sector rotation and geopolitical risk, the takeaway appears clear: discipline, patience and selectivity matter more than bravado.

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Sandisk Corporation (SNDK) Morgan Stanley Technology, Media & Telecom Conference 2026 March 3, 2026 7:50 PM EST

Company Participants

David V. Goeckeler – Chairman & CEO
Luis Visoso – Executive VP & CFO

Conference Call Participants

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Joseph Moore – Morgan Stanley, Research Division

Presentation

Joseph Moore
Morgan Stanley, Research Division

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All right. Welcome back. I’m Joe Moore, Morgan Stanley semiconductor research team. Very happy to have with us the executive team from Sandisk, CEO, Dave Goeckeler; and EVP, CFO, Luis Visoso. Thank you, guys.

David V. Goeckeler
Chairman & CEO

Hey, Joe, thanks for having us. We appreciate it.

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Joseph Moore
Morgan Stanley, Research Division

Thank you. And I think, Luis, wouldn’t you want to read a safe harbor first?

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Luis Visoso
Executive VP & CFO

Yes. We will be making forward-looking statements in today’s discussion based on management’s current assumptions and expectations including with respect to our technology and product portfolio, our business plans and performance, market trends and opportunities and our future financial results. These forward-looking statements are subject to risks and uncertainties. We assume no obligation to update these statements.

Please refer to our annual report on Form 10-K and other filings with the SEC for more information on the risks and uncertainties that could cause actual results to differ materially from expectations. We will also be making reference to non-GAAP financials and reconciliations to our GAAP to non-GAAP financials can be found on our website.

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Question-and-Answer Session

Joseph Moore
Morgan Stanley, Research Division

Great. So you guys saw this coming, right?

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David V. Goeckeler
Chairman & CEO

Well, I mean, we saw some of it coming. [indiscernible]

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Joseph Moore
Morgan Stanley, Research Division

Well, celebrate for me. I mean really, I’ll give you credit. You said this time last year that we would have a stronger second half. You were right in a pretty

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Beaten-up Indian equities are likely to widen their underperformance against global peers, as escalating tensions in the Middle East push oil prices higher and hurt importers, strategists say.

Indian companies may be among the most impacted in Asia by the Iran war, according to Goldman Sachs, which estimates a 20% rise in the price of Brent crude would cut regional earnings by 2%. Societe Generale expects India’s underperformance to deepen given its high dependency on imported energy, while Natixis labels the country’s assets “most at risk” for the same reason.

India’s $5 trillion equity market has lagged most major peers since late 2024, on weaker earnings growth and lack of exposure to artificial intelligence-related shares. The surge in the price of oil — the country’s top import — has dampened a nascent recovery in stocks since India’s trade deal with the US. Analysts expect it to drive inflation, and weaken the economy and currency.

“With Middle East tensions showing little sign of easing, supply risks remain high, leaving room for oil prices to move higher in the near term,” said Dilin Wu, a research strategist at Pepperstone Group. “India’s heavy reliance on imported crude — most of it from the Gulf — makes its market vulnerable. Prolonged higher oil prices could widen the import bill, strain the current account and rupee, and put additional pressure on equities.”

Stocks are likely to be under pressure Wednesday as traders return from a holiday. The jump in Brent prices already pressured the Nifty Index on Monday, and it closed down more than 1% that day. If history is a guide, that weakness may continue for some time.

The start of the Russia-Ukraine war resulted in the Nifty correcting by around 10% in the first half of 2022, Citigroup analysts including Samiran Chakraborty wrote in a note. “A 10% rise in oil prices leads to 30 basis points of upside pressure on inflation and 15 basis points downside on growth,” they said.
To be sure, some investors are more optimistic about India. BNP Paribas says Indian stocks should outperform in coming months as the risk/reward balance is skewed to the upside.Still, more investors are seeking alternatives to Indian stocks. SocGen recommends going long Asia ex-Japan shares while shorting those from India, while Sanford C. Bernstein expects a drawn-out Iran conflict may continue to depress the index from its Monday close of 24,866.

A more prolonged escalation “could push the Nifty below 24,500,” Bernstein analysts including Venugopal Garre wrote in a note. “In particular, we see higher risk for energy, travel and trade-linked names, and construction companies with meaningful Middle East and North Africa exposure.”