Domestic Financial Markets To Remain Shut Today For Mahatma Gandhi Jayanti

Market Shut On Gandhi Jayanti: The Sensex index gained 1,308.39 points in the four-day trading week

Mahatma Gandhi Jayanti Market Holiday: Domestic financial markets will remain shut on Friday, October 2, for Mahatma Gandhi Jayanti holiday. Trading in the markets will resume on Monday, October 5. In the four-day, holiday-truncated trading week, on account of the Mahatma Gandhi Jayanti holiday on Friday, the S&P BSE Sensex index climbed up 1,308.39 points – or 3.50 per cent – whereas the broader NSE Nifty 50 benchmark added 366.7 points (3.32 per cent). The rupee gained by 47 paise – or 0.64 per cent – during this period. 

The recent recovery was led by optimism around easing of COVID-19-related restrictions by the government, in tandem with global markets, where investors remained hopeful about recovery from the damage caused by the pandemic. 

“October has brought with it some encouraging auto sales numbers and stellar IPO listings… But investors should not read too much into these numbers yet, because on the face of it, these growth numbers might seem positive,” said Nirali Shah, senior research analyst at Samco Securities.

The government on Wednesday permitted states to reopen movie theatres at 50 per cent capacity, and said schools and other educational institutions could also restart in a phased manner.

“There are a couple of factors such as pent-up demand, attractive rebates offered by dealers to get rid of the piling inventory which have led to this demand,” she added.  

India’s factory activity increased at its fastest pace in more than eight years in September, according to a survey by IHS Markit, a London-based provider of critical information.

Analysts awaited an update on the RBI’s bi-monthly policy review, after the central bank on Monday announced its decision to postpone a meeting slated for September 29-October 1.

They will also track news on the Supreme Court’s October 5 hearing in a case on waiving interest rates on loans under a moratorium.

The financial markets will also remain closed on October 30 for a holiday.


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