Indian equity markets remained closed on Thursday on account of Bakrid, while commodity (MCX) trading will resume later in the evening, market officials confirmed. The holiday came as Asian stock indices slid sharply and crude oil prices jumped amid renewed tensions in the Middle East, denting investor sentiment ahead of the weekend.

Markets closed for Bakrid

The BSE and NSE did not operate on Thursday because of the Bakrid public holiday, a routine annual closure. Commodity exchanges, including MCX, were inactive until late afternoon; trading is scheduled to restart at 5:00 pm IST, exchange notices showed. Stock broking desks said most overseas markets were open, leaving Indian investors to track global cues remotely.

Asian markets slide

Asian equities suffered notable declines on Thursday. South Korea’s KOSPI dropped about 3.1% in early trade, while Hong Kong’s Hang Seng fell roughly 2.3% and Japan’s Nikkei eased around 1.2%, exchange feeds indicated. Market strategists linked the weakness to a sharp rise in crude oil and lingering geopolitical worries after fresh US-Iran tensions.

US markets firmed; mixed signals

Wall Street closed modestly higher on Wednesday, with the Dow Jones adding 0.36% and the Nasdaq nearly flat, data showed. But that limited uplift failed to translate into Asian gains overnight. “US markets were steady, but the spike in oil and heightened risk aversion in Asia outweighed the follow-through,” a Hong Kong-based strategist said on condition of anonymity.

FIIs net sellers

Data compiled by exchange sources showed continued foreign institutional investor (FII/FPI) outflows. Over the past 30 days, FIIs sold equities worth about ₹45,374 crore, while domestic institutional investors (DIIs) remained net buyers, purchasing roughly ₹71,654 crore over the same period. In the latest seven-day window, FIIs were net sellers to the tune of around ₹7,069 crore, compared with DII buys of ₹15,043 crore.

Domestic indices fell earlier

On Wednesday, when markets were open, the BSE Sensex closed down 142 points at 75,868 and the Nifty 50 slipped 7 points to finish at 23,907. Banking stocks underperformed, brokers said, reflecting profit-taking after a recent rally and sensitivity to macro and liquidity expectations.

Crude surge fuels concerns

A key immediate trigger was a near 4% rise in Brent crude to about $98 per barrel on Thursday, traders said, citing renewed US-Iran tensions. Higher oil directly affects inflation and input costs globally and is particularly sensitive for India, which imports an estimated 80–85% of its crude needs. “When oil spikes, the trade deficit and inflation outlook worsen, the rupee can weaken, and corporate margins—especially for fuel-intensive sectors—come under pressure,” an equity economist noted.

Why oil hits Indian markets

Analysts explained that rising crude increases import bills, pressuring the rupee and raising costs for manufacturers, transporters and airlines. That squeezes corporate profits and can erode equity valuations. Retail inflation risks could also prompt tighter monetary stance expectations, adding to investor caution.

Ground-level cues

On the trading floors and at brokerage firms in Mumbai’s Dalal Street, traders spent the holiday monitoring late-session commodity trades and global headlines. “We were more focused on oil and flows from FIIs. With markets closed, clients expect a quiet holiday but want updates before the close in the US,” said a Mumbai broker who declined to be named.

What to watch next

Market participants will watch MCX’s evening session for any volatility in energy contracts and refine positions ahead of Friday’s truncated session. The rupee’s movement versus the dollar, upcoming US economic data, and any further geopolitical developments will be key near-term drivers. Investors will also track central bank commentary and domestic macro prints that could influence DII behavior.

For now, the Bakrid holiday gave local investors a pause to reassess exposures while global factors—especially a resurgent crude oil price—kept risk sentiment subdued. If oil maintains elevated levels into next week, strategists warn, Indian markets may face renewed pressure once trading resumes fully.

SBI branches may stay closed May 23–28 amid staff strike, Eid

SBI branches across the country are likely to remain closed for up to six consecutive days from May 23 to May 28 as a convergence of weekend rules, a proposed two-day staff strike and Reserve Bank of India-declared Bakrid holidays disrupt normal branch services, officials and employee groups said on Friday.

What’s happening
According to bank sources and union notices, May 23 falls on the fourth Saturday of the month and is already a scheduled banking holiday, while May 24 is Sunday. The All India State Bank of India Staff Federation (AISBISF) has announced a two-day strike on May 25–26, aimed at pressuring management to address 16 demands. RBI has additionally declared holiday(s) for Bakrid on May 27 and in some regions on May 28, which means many SBI branches could remain shut through the latter half of next week.

Operations affected
Local branch staff and customers in New Delhi and several state capitals said branch counters will be unavailable for routine cash deposits, withdrawals, passbook printing and on-counter services through the period. “Customers should complete branch-related work by end of day on May 22,” a senior bank official advised, requesting anonymity. Automated services such as ATMs, YONO and digital banking platforms including NEFT, RTGS and IMPS are expected to operate normally, officials added.

Union demands
The AISBISF has listed 16 demands prompting the strike. Key items include immediate recruitment for vacant Class IV (messenger) posts, adequate armed guards, a ban on permanent outsourcing of bank functions, fixes to the HRMS software, improvements to the medical reimbursement scheme and restoration of a workmen-category director on the bank’s board. The union has also asked for parity in pay and conditions, review of the career progression scheme, inclusion of all allowances in pension calculations for certain retirees, and an end to aggressive cross-selling practices.

Why it matters
Most routine counter services will be suspended while cheque clearing, cash-counter operations and passbook updates are likely to slow or pause. “Since this is a workmen-category action, front-line operations will be hit,” a union office-bearer told reporters. Customers relying on branch-only services — large cash deposits, demand drafts, tax challan deposits or new account openings — will have to postpone those transactions or use alternate arrangements.

Ground reality
On Friday morning, queues at several major ATMs in Mumbai’s central business district and in Bhopal were longer than usual as customers withdrew cash ahead of the weekend. Bank staff at a suburban Delhi branch said they had informed regular customers about limited services and posted notices at branch entrances. In Jammu and Kashmir, where RBI has specified both May 27 and 28 as holidays, the impact is expected to be deeper.

Official inputs
SBI’s corporate communications office said it was “monitoring the situation” and urged customers to use digital channels. RBI’s holiday calendar, which sets regional festival holidays, has already listed Bakrid observances for late May, and state-level variations mean some branches will see different combinations of holidays.

Customer advice
Officials recommend customers plan urgent branch visits before the close of business on May 22, use YONO or internet banking for transfers and enquiries, and verify ATM availability for cash needs. Businesses that rely on cheque clearing or on-counter services should notify clients and plan for processing delays.

Possible next steps
Union leaders have said the strike is a show of strength to start bargaining; talks may follow if management engages. The bank has not announced contingency staffing or special arrangements beyond digital services. Observers say the confluence of scheduled weekend closures, holidays and industrial action makes short-notice recovery difficult, and normalisation could take time once staff return.

What to watch
Watch for any last-minute climb-downs from the union, management statements on contingency measures, or RBI circulars clarifying regional holiday observance. Customers should keep an eye on SBI’s website and official social handles for real-time updates.