Financial Market Closed for Gandhi Jayanti

Domestic financial markets will stay shut for Mahatma Gandhi Jayanti on Wednesday. Equity, debt and currency trading will begin on Thursday, October 3rd. Equity market benchmark S&P BSE Sensex closed 361.92 marks–or 0.94 per cent–below 38.305.41 on Tuesday, while the broader NSE Nifty index dropped 114.55 points–or 1.00 per cent–to 11.359.90, trimming some failures at the beginning of a turbulent meeting characterized by a sell-off across industries driven by banking shares.

The rupee fell by 20 countries to finish at 71.07 against the US dollar on Tuesday, expanding its gains to a second consecutive session. Strength in the greenback overseas harm the rupee, analysts claim. The dollar index, which ranks the US dollar against six peers, increased by 0.11 per cent.On the same day, the 10-year government bond yield declined to 6.66% from 6.70% the prior day.

Caution persisted in the run-up to the fourth bi-monthly policy meeting of the Indian Reserve Bank on Friday and the US-China trade summit scheduled for October 10, said analysts.

The Indian Monetary Policy Committee, Reserve Bank will make a declaration on Friday at the conclusion of a three-day session that started on 1 October. Many economists predict the RBI to announce a reduction in the next strategy statement.

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

On 1 October, foreign institutional investors unloaded net Rs. 1,298.56 crore from Indian capital markets on the basis of provisional NSE data. Meanwhile, last month’s GST collections hit a 19-month low, official data showed on Tuesday.

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