Guru Nanak Jayanti 2019: Stock Markets Shut On Account Of Gurpurab

The domestic equity, debt and currency markets remained closed on Tuesday on account of 550th Guru Nanak Jayanti (Guru Nanak Gurpurab). The S&P BSE Sensex and NSE Nifty 50 indexes ended on a flat note in trade on Monday as gains in banking heavyweights like ICICI Bank, HDFC Bank, Kotak Mahindra Bank, IndusInd bank and State Bank of India were offset with losses in Infosys, Tata Consultancy Services, Reliance Industries and ITC. Also Read: Devotees Throng Golden Temple On 550th Birth Anniversary Of Guru Nanak (Guru Nanak Jayanti)

After witnessing a stellar run since Diwali, wherein the Sensex advanced 3.30 per cent and the Nifty 50 index surged 2.84 per cent, the benchmarks had been trading on a subdued note for the past two sessions after Moody's Investors Service on Thursday changed its outlook on India's ratings to "negative" from "stable", citing increasing risks that the country's economic growth will remain lower than in the past.

The outlook partly reflects government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden from already high levels, the ratings agency said.

Meanwhile, according to a report by CARE Ratings net assets of Indian mutual fund (MF) industry grew to record high of Rs 26.33 lakh crore in October 2019.

Banks, finance, software, consumer non-durables and petroleum products were the top five sectors where equity assets under management (AUM) invested their funds in October 2019 and they cumulatively accounted for 57 per cent share of equity AUMs equivalent to Rs.6.7 lakh crore.

The Sensex has so far this year advanced nearly 12 per cent and the Nifty has climbed 10 per cent after witnessing a bout of selling pressure in the months of July and August.