Stock, forex, bond markets shut today on account of Muharram

Equity, forex, commodities and bond markets will remain closed on Tuesday on account of Muharram. The trading will resume on Wednesday.

On Monday, the S&P BSE Sensex gained 164 points or 0.44 per cent to end at 37,145.45, with YES Bank (up around 4.50 per cent) being the top gainer and HCL Tech (down 1.58 per cent) the worst performer.

HDFC, L&T, Maruti, ICICI Bank, and Bajaj Finance were the major contributors to the index’s gain while IT stocks such as Infosys, TCS and HCL Technologies emerged as the top drags.

On NSE, the benchmark Nifty50 index ended at 11,003.05 level, up 57 points or 0.52 per cent.

Foreign investors (FIIs) offloaded Rs 188.08 crore from the capital markets on Monday while domestic institutional investors (DIIs) bought equities worth Rs 686.47 crore, NSE data showed.

“While the government has been making a slew of announcements to drive growth, it has not really pulled sentiment yet in our view, even though it augurs well from liquidity viewpoint,” said Siddhartha Khemka, Head – retail research, Motilal Oswal Financial Services (MOFSL).

Further, continuous FII selling has been a major concern for the market. The market is likely to remain in a tight range due to lack of domestic triggers as well as mixed global cues. The focus for the next few days would shift from geopolitics to global central banks, Khemka added.

The European Central Bank (ECB) meeting is scheduled on September 12, while the US Fed’s monetary policy meet will be held on September 17-18.

In the forex market, the rupee pared initial gains to settle almost flat at 71.71 against the US dollar on Monday as rising crude oil prices kept investors edgy.

On the global front, most Asian stocks swung lower on Tuesday, weighed by Chinese markets after data showed mainland factory prices shrinking at their fastest pace in three years while reports of German stimulus plans pushed global bond prices down. In commodities, oil futures hit their highest level in six weeks in Asia after Saudi Arabia’s new energy minister confirmed he would stick with his country’s policy of limiting crude output to support prices, Reuters reported.

Bestsellers from Amazon

Leave a Reply

Your email address will not be published. Required fields are marked *