The National Stock Exchange (NSE) and the BSE remained closed on Wednesday on account of Ram Navami, the Hindu festival celebrated to mark the birth anniversary of Lord Rama.
Wholesale commodity markets including metal and bullion were also remain shut. There was no trading activity in the forex and commodity futures markets either.
A day earlier, traders avoided carrying long positions and the BSE S&P Sensex closed 244 points or 0.51 per cent lower at 47,706. The Nifty 50 edged lower by 63 points or 0.44 per cent to 14,296.
Despite the Covid-19 vaccine drive kindling hopes of recovery, investors say the market trend in coming days will depend on positive developments like a steep decline in infections and lifting of localised lockdown restrictions.
Meanwhile, Asian shares fell on Wednesday as concern about a resurgence of coronavirus cases in some countries cast doubt on the strength of global growth and demand for crude oil.
MSCI's broadest index of Asia Pacific shares outside Japan fell by 0.6 per cent. Stocks in Tokyo slumped by 1.79 per cent due the growing likelihood that Tokyo, Osaka and surrounding areas will be put on lockdown due to a new wave of coronavirus infections.
( With inputs from ANI )
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