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Financial Markets To Remain Closed Today For Mahatma Gandhi Jayanti

Mahatma Gandhi Jayanti: Trading in the equity, debt and currency markets will resume on Thursday, October 3.

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Financial Markets To Remain Closed Today For Mahatma Gandhi Jayanti

Mahatma Gandhi Jayanti 2019: Domestic equity, debt and currency markets are shut today


Highlights

  1. Equity, debt, currency markets shut on account of Gandhi Jayanti
  2. Trading to resume on Thursday, October 3
  3. Stock market benchmark Nifty fell 1% on Tuesday amid selloff in banks

Domestic financial markets will remain closed on Wednesday on account of Mahatma Gandhi Jayanti. Trading in the equity, debt and currency markets will resume on Thursday, October 3. Equity market benchmark S&P BSE Sensex closed 361.92 points - or 0.94 per cent - lower at 38,305.41 on Tuesday, whereas the broader NSE Nifty index declined 114.55 points - or 1.00 per cent - to 11,359.90 trimming some losses at the end of a volatile session marked with a selloff across sectors led by banking shares. (Also read: Mahatma Gandhi Jayanti 2019 - PM Narendra Modi To Visit Sabarmati Ashram)

The rupee dropped by 20 paise to end at 71.07 against the US dollar on Tuesday, extending its losses to a second straight session. Strength in the greenback overseas hurt the rupee, say analysts. The dollar index - which measures the US dollar against six peers - rose 0.11 per cent.

On the same day, the 10-year government bond yield declined to 6.66 per cent from 6.70 per cent the previous day. 

Caution prevailed ahead of the outcome of the ongoing fourth bi-monthly policy meeting of the Reserve Bank of India due on Friday and the US-China trade meeting slated for October 10, say analysts. 

The Reserve Bank of India's Monetary Policy Committee will release a statement on Friday, at the end of a three-day meeting which began on October 1. Many economists expect the RBI to announce a rate cut in the upcoming policy statement.

The central bank has lowered the repo rate - the key interest rate at which it lends short-term funds to commercial banks - by a total 110 basis points (1.1 percentage point) so far this year. 

Foreign institutional investors offloaded a net Rs 1,298.56 crore from the Indian capital markets on October 1, according to provisional data from the NSE. 

Meanwhile, GST collections hit a 19-month low last month, official data showed on Tuesday.



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