Indian stock markets, including the BSE and NSE, are closed on Tuesday for Dussehra. Trading will resume on Wednesday. The commodity exchange MCX will be shut for the morning session but will open for evening trading.
Market Recap: Monday’s Selling Pressure
The holiday follows a weak session on Monday, when domestic equities came under selling pressure amid weakness in private bank stocks, corporate earnings that fell short of expectations and rising crude oil prices. The BSE Sensex declined 876.37 points, or 1.17 per cent, to close at 73,852.90, while the Nifty 50 fell 257.20 points, or 1.11 per cent, to settle at 22,888.95. Selling was widespread across sectors, with the Nifty PSU Bank index emerging as the only major sectoral index to end in positive territory, gaining 2.41 per cent. The Nifty IT index fell 1.56 per cent, while the Nifty FMCG index declined 1.40 per cent.
Expert Cites Profit-Booking and Global Cues
Vikram Kasat, Chief Business Officer – Advisory and Dealing at PL Capital, said weakness in private banks, disappointing earnings relative to expectations and cautious global sentiment had intensified profit-booking. He added that markets could remain volatile as investors track corporate earnings, crude oil prices and currency stability.
Key Factors for Investors
Oil prices remain an important factor for market sentiment. Brent crude was trading at USD 109.66 per barrel at the time of filing this report, up 0.10 per cent, keeping concerns over imported inflation and corporate costs in focus.Investors are expected to monitor corporate earnings, movements in crude oil prices and global market cues when domestic equity trading resumes.(Except for the headline, this story has not been edited by Asianetnews Editorial staff and is published from a syndicated feed.)