The stock and forex markets will remain closed on Wednesday on the occasion of ‘Diwali Balipratipada’.
Indian financial markets will remain closed on Wednesday on the occasion of Diwali-Balipratipada, with trading to resume in the holiday-shortened week on Thursday.
On Monday also, the domestic financial markets were closed for regular trading, but with a special one-hour Muhurta trading window between 6:15 pm and 7:15 pm, the next trading holiday scheduled for Guru Nanak Jayanti on November 8. with.
Equity benchmarks driven by worried Chinese markets closed lower on Tuesday after Xi Jinping’s new leadership team raised concerns that a more powerful party leadership would prioritize the state at the expense of the private sector.
Although domestic stock markets showed modest gains early Tuesday, hopes the Federal Reserve could be nearing the end of its aggressive rate hike policy, Asian peers lower on Tuesday on weakness in Chinese stocks, and the yuan, could be limited. appeal of domestic shares
The 30-share BSE Sensex index ended 287.70 points or 0.48 per cent lower at 59,543.96, and the broader Nifty-50 index ended 74.40 points or 0.42 per cent lower at 17,656.35, ending a seven-day winning streak. Monday with profit in one hour Muhurta trading window.
The rupee on Tuesday ended the session slightly lower at 82.73 against a softer dollar as the Chinese yuan hit a 15-year low.
Elsewhere in broader global markets, US stock futures fell after disappointing earnings from tech giants Alphabet and Microsoft.
Still, Asian equities rose on Wednesday as investors acted with optimism that the pace of rate hikes in the US and around the world would begin to slow.
US economic data released on Tuesday showed a decline in consumer confidence and a moderation in home price inflation. There were also some indications that the Fed’s aggressive interest rate hikes have begun to cool the labor market.
“Continuing the theme of bad (economic) news is good news (for riskier markets), following last Friday’s signs of a step-down in US equities Fed tightening momentum,” said Ray Attrill, Head of State in Sydney. FX Strategy at National Australia Bank wrote in a note.
The dollar was near a three-week low against major rivals, as new evidence of the worsening US economy fueled hopes of a less aggressive Fed.
Incoming British Prime Minister Rishi Sunak on Tuesday promised to lift the country out of the economic crisis, at which time the pound remained near its six-week high.
