The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) of India were closed on Friday on account of Maharashtra Day.
May 1 is also celebrated as International Workers' Day in celebration of labourers and the working classes.
Wholesale commodity markets, including metal and bullion, were also closed. There was no trading activity in the foreign exchange and commodity futures markets as well.
A day earlier, the stock market ended on a higher note for the fourth consecutive day with the BSE S&P Sensex closing 997 points or 3.05 per cent higher at 33,718 while the Nifty 50 moved up by 307 points or 3.21 per cent at 9,860.
Equity indices have been climbing up in line with global cues as positive results for experimental remdesivir drug towards COVID-19 treatment have lately lifted investor sentiment.
Besides, several countries have begun talks about lifting the lockdown enacted to curb the coronavirus pandemic.
But on Thursday, US stocks lost ground as grim economic data and mixed earnings prompted investors to take profits.
The Dow Jones Industrial Average fell by 288 points or 1.17 per cent to 24,346, the S&P 500 lost by 27 points or 0.92 per cent to 2,912 and the Nasdaq Composite dropped 25 points or 0.28 per cent to 8,890.
( With inputs from ANI )