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Indian Markets Closed For Holi

Indian stock markets remained closed today on account of Holi.

Benchmark indexes Sensex and the Nifty dropped 0.4 percent and 0.3 percent, respectively on Thursday to extend losses for a third straight session as Fed rate hike worries overshadowed upbeat core sector and GDP data. The rupee ended largely steady at 65.17 per dollar.

Overnight, U.S. stocks tumbled on fears of a trade war after President Donald Trump vowed to impose new tariffs on steel and aluminum imports.

While a slew of economic data painted a positive picture of the world's largest economy, Fed Chair Jerome Powell said during his second day of congressional testimony that there hasn't yet been strong evidence of a decisive increase in wages.

The Dow dropped 1.7 percent, while the tech-heavy Nasdaq and the S&P 500 fell around 1.3 percent.

European stocks extended losses for a third day on Thursday as investors digested lackluster earnings reports and fretted about how fast the Fed might raise rates.

The pan-European Stoxx Europe 600 index tumbled 1.3 percent. The German DAX plunged 2 percent, France's CAC 40 index dropped 1.1 percent and the U.K.'s FTSE 100 shed 0.8 percent.

Japan's Nikkei index was down about 3 percent this morning, Hong Kong's Hang Seng index was losing 1.6 percent, Australia's ASX 200 was down 1 percent and South Korea's Kospi average was declining 1.5 percent

The U.S. dollar struggled on fears of an imminent trade war while oil edged up from two-week lows.

On the domestic front, the Union cabinet on Thursday approved the Fugitive Economic Offenders Bill that provides for confiscating all assets of absconding fraudsters and loan defaulters.

The cabinet also approved formation of National Finance Reporting Authority (NFRA) that will have sweeping powers to act against erring auditors and auditing firms.

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