May 1 (Reuters) - India's currency, debt and equity markets will be closed on Wednesday, May 1, for a holiday. Trading will resume on Thursday, May 2.

The blue-chip NSE Nifty 50 fell 0.2% lower to 22,604.85 points and the S&P BSE Sensex declined 0.3% to end at 74,482.78 on Tuesday, dragged by a fall in rate-sensitive IT stocks as investors awaited the Federal Reserve policy outcome due on Wednesday. The indexes rose for the third straight month in April.

The rupee closed at 83.4250 against the U.S. dollar, mildly stronger from its close of 83.47 in the previous session. The local unit was little changed month-on-month.

The benchmark 10-year bond yield ended at 7.1855% on Tuesday, following its previous close at 7.1971%. It rose 13 basis points (bps) in April, after falling by an aggregate of 30 bps in the previous five months.