The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) of India remained shut on Tuesday on account of Dr Babasaheb Ambedkar Jayanti.
Wholesale commodity markets including metal and bullion were also closed. There was no trading activity in foreign exchange and commodity futures markets as well.
A day earlier, the BSE S & P Sensex closed 470 points or 1.51 per cent lower at 30,690 while the Nifty 50 tumbled by 118 points or 1.3 per cent at 8,994.
Meanwhile, Asian stocks bounced on hopes the coronavirus outbreak may be peaking. However, market sentiment was cautious ahead of the Chinese trade data and corporate earnings as investors worried about a deep global recession.
Chinese shares started firm with the blue-chip index up by 0.7 per cent while South Korea's Kospi and Japan's Nikkei each gained by 1.4 per cent. Hong Kong's Hang Seng rose by 0.2 per cent.
That left MSCI's broadest index of Asia Pacific shares excluding Japan up by 0.6 per cent.