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Indian Markets Closed For Bakrid

Indian markets remain closed today on account of Bakrid. Stock exchanges would also remain closed on Thursday for the Independence Day holiday.

The benchmark index S&P BSE Sensex climbed 1.25 percent last week while the broader NSE Nifty index rose a little over 1 percent to post its first weekly gain after five weeks.

Official data released post market hours on Friday showed that India's industrial output grew more than expected in June.

Industrial output expanded 2 percent on a yearly basis in June, but slower than the 4.6 percent increase seen in May. Economists had forecast an annual growth of 1.4 percent.

Meanwhile, media reports suggest that the government is considering unveiling several measures this week to stimulate growth and ease the tax burden on foreign portfolio investors. The announcement, however, may not include proposal for reduction of GST rates.

Asian stocks edged higher this morning as investors monitored the value of the yuan and awaited a slew of Chinese due out on Wednesday for directional cues.

Markets are shut in Japan, Singapore, Malaysia and Thailand for public holidays. The yen rose against the dollar while oil prices fell on worries about the U.S.-China trade war.

U.S. stocks fell on Friday after President Donald Trump told reporters the U.S. is "not going to do business" with Chinese tech giant Huawei and that he is "not ready" to make a trade deal with China, suggesting the U.S. could skip the next round of trade talks in September.

The Dow eased 0.3 percent, the tech-heavy Nasdaq Composite shed 1 percent and the S&P 500 dropped 0.7 percent.

European markets closed Friday's session lower as investors watched developments on the trade front and braced for a possible collapse of the Italian government.

The pan European Stoxx 600 declined 0.8 percent. The German DAX tumbled 1.3 percent, France's CAC 40 index lost 1.1 percent and the U.K.'s FTSE 100 gave up 0.4 percent.

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