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15 Nov 2019, Edition - 1585, Friday

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Business

Maharashtra Assembly Election 2019: Domestic markets to remain closed today due to polls

businesstoday.in

Domestic markets will remain closed on Monday, October 21, on account of Maharashtra Assembly elections 2019. Monday has been declared as a trading holiday for India’s capital markets, futures and options, debt market segment and currency derivative segment, on both the leading stock exchanges, BSE and NSE, respectively. The commodity derivative segment will be open only for the evening session, the circulars issued by the bourses stated.

Domestic markets will resume trading on Tuesday, October 22, when they could likely be reactive to unresolved geopolitical tensions, including yet-to-be completed phase 1 of the trade agreement between the US and China and British Parliament’s vote to delay a decision on the new Brexit deal.

Investors globally wait for cues for a possible rate cut on the US Federal Reserve meet scheduled on October 29-30.

Domestic markets will also be reacting to the September quarterly results released by Reliance Industries (RIL) on Friday, HDFC Bank on Saturday, and on Axis Bank Q3 earnings scheduled to be released today.

On Friday, the market closed bullish for the sixth consecutive session, with BSE S&P Sensex ending 246 points higher at 39,298 level and NSE Nifty50 closing 75 points higher at 11,661 level, backed by healthy domestic Q2 earnings and positive global cues like Brexit deal and closing in on the US-China phase 1 deal.

On the currency front, Indian rupee settled at 71.15 against the US dollar on Friday.

On positive domestic cues, FM Nirmala Sitharaman said on Sunday that the trade negotiations between India and the US were going on in full speed. She hoped that a deal would be structured soon. In another positive outlook, over 300 top leaders and corporate executives from India and the US will gather in New Delhi today at a leadership summit for a day-long brainstorming session on trade and geopolitics.

Additionally, FII/FPI investment data released by the exchanges showed that net investment of equity and debt reported by foreign portfolio investors (FPIs) remained bullish for the sixth consecutive session on Friday, with net buying logged at Rs 36.56 cr.

Over uncertainties on the Brexit delay, gold prices on Monday held ground above $1,490, with spot gold edging 0.1 per cent higher to $1,490.60.

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