Home Market Stock, forex, commodity markets shut on account of Maharashtra Day

Stock, forex, commodity markets shut on account of Maharashtra Day


NEW DELHI: Domestic stock, bond, currency and commodity markets are shut on Tuesday on account of Maharashtra Day. Globally, a host of stock markets including China, South Korea, Singapore, Hong Kong Italy, Spain and Germany are observing Labour Day, and are shut.

Foreign flows into India have been negative of late. Foreign investors in fact dumped Rs 5,552 crore worth of domestic equities in April. That said, domestic flows (at Rs 8,511 crore in April) is helping the domestic stock market inch higher.

Sensex on Monday reclaimed the 35,000 mark and the Nifty revisited 10,700 for the first time in three months, mirroring strength in Asian equities on ease in geopolitical tensions in the Korean peninsula. The 30-pack barometer rose 190.66 points, or 0.55 per cent, to close at 35,160.36.

The NSE benchmark gained 47.05 points, or 0.44 per cent, to end at 10,739.35. Both indices posted their biggest monthly gains in April since March 2016.

"Bond yields are likely to soften when the market opens on Wednesday. Equity markets too are likely to open higher Wednesday, other things being equal. Our markets have relatively done better than the global markets in April. This trend is likely to continue," said VK Sharma, Head Private Client Group & Capital Market Strategy at HDFC Securities.

The fourth quarter earnings release so far have been encouraging and stock specific action is likely in the remainder of the week.

"We expect stock-specific movements to continue based on better than quarterly performance reported by companies versus Street expectations," said Hemang Jani, Head – Advisory at Sharekhan.
The money market was shut on Monday on account of Buddh Purnima. The rupee had on Friday settled at 66.66 per dollar compared with 66.75 in the previous session. The benchmark 10-year bond yield fell to Rs 95.97 on Friday, yielding 7.77 per cent.

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