Plus   Neg

Indian Markets Closed For Independence Day

Indian financial markets remain closed today on account of Independence Day.

Benchmark indexes Sensex and the Nifty rose around 1 percent on Wednesday
as the U.S. announced a delay in the implementation of tariffs on some Chinese products and a lower than expected wholesale price index reading for July raised hopes of further cuts in interest rates going forward. The rupee rose by 13 paise to close at 71.27 against the dollar.

Government data released after market hours showed that India's exports grew by 2.25 percent to $26.33 billion in July. Imports fell by 10.43 percent to $39.76 billion, helping narrow the trade deficit to $13.43 billion in the month. The deficit stood at $18.63 billion in July last year.

Asian markets are sharply lower this morning after the yield on 30-year U.S. treasuries fell below 2 percent for the first time ever in a sign that interest rates will likely remain lower for longer. Benchmark indexes in Australia, New Zealand and Japan are down between 1.2 percent and 2.6 percent.

The dollar index eased slightly while oil extended losses after having dropped 3 percent in the previous session on data showing an unexpected rise in U.S. crude inventories and amid mounting fears of a recession.

Overnight, U.S. stocks succumbed to heavy selling pressure amid concerns about an imminent recession after long-dated Treasury yields inverted for the first time in 12 years.

The Dow Jones Industrial Average plunged as much as 3.1 percent and the S&P 500 lost 2.9 percent to end at their lowest closing levels in over two months, while the tech-heavy Nasdaq Composite tumbled 3 percent.

European markets tumbled on Wednesday as Brexit jitters coupled with weak data from China and Germany spurred fresh concerns about the global economic outlook.

The pan-European Stoxx Europe 600 index fell 1.7 percent to hit a six-month low. The German DAX gave up 2.2 percent, France's CAC 40 index shed 2.1 percent and the U.K.'s FTSE 100 tumbled 1.4 percent.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT