BSE, NSE, Commodity and Forex Markets to Remain Shut Today for Ganesh Chaturthi
The stock market movement will be in focus on Tuesday after official data released last Friday showed India's GDP expanded 5% in the June quarter, marking the slowest pace of growth in over six years.
Indian stock market exchanges, National Stock Exchange of India (NSE) and BSE, will remain closed for trading on Monday for a public holiday on the occasion of Ganesh Chaturthi.
Along with the stock markets, wholesale commodity markets, commodity futures and foreign exchange markets will also be closed today.
Exchanges will also remain closed on 10 September (Tuesday) next week on account of Muharram.
The Indian stock market indices had ended the previous session in the green, with the benchmark S&P BSE Sensex rising 263.86 points to 37,332.79, while the Nifty 50 index jumped 85.60 points to 11,033.90.
The stock market movement will be in focus on Tuesday after official data released last Friday showed India's gross domestic product (GDP) expanded 5% in the June quarter, marking the slowest pace of growth in over six years.
Auto stocks will also be in focus as auto companies announced steep decline in monthly sales numbers for August 2019.
While Maruti Suzuki India Ltd reported a 32.7% drop in August sales at 106,413 units, sales of passenger vehicles by Tata Motors fell 58% during the month. Mahindra and Mahindra (M&M) also reported 26% decline in domestic sales in August.
The banking index may be volatile, too, after finance minister Nirmala Sitharaman announced a mega merger plan for public sector banks that consolidated 10 PSU banks into four to create fewer and stronger global-sized lenders.
The four new set of banks to be created after merging the following banks are-- 1) Punjab National Bank, Oriental Bank of Commerce and United Bank of India; 2) Canara Bank and Syndicate Bank 3) Union Bank of India, Andhra Bank and Corporation Bank; and 4) Indian Bank and Allahabad Bank.
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