Markets closed on account of Diwali Balipratipada

Indian equity, forex, money and commodity markets will remain closed today on account of Diwali Balipratipada.

On Sunday, markets ended the customary 'Muhurat' trading session to usher in the new year Samvat 2073 on a negative bias with the broader markets outperforming the benchmark indices.

The S&P BSE Sensex ended down 11 points at 27,930 and the 50-share Nifty settled 12 points lower at 8,626. In the broader markets, the BSE Midcap index gained 0.5% and the Small-cap index gained nearly 1% to hit 52-week high in intra-day trade.

"Nifty50 has found a strong support at 8,500 but the breaching of which will start a long spell of sideways movement with downward bias. However market is also likely to face strong resistance at 8,800 and 8,900 on the upper side. The broad trading range looks the possibility in the immediate term with 8,500 and 8,800 being the range for the market in the short term. The long term strength of the market is intact. Buy on dips and fresh longs can be entered at current levels with stop below 8,500 in the Nifty50," said Jimeet Modi, CEO, SAMCO Securities.

"Corporate results, shorter week and the impending results of US Presidential election will keep the market in a trading range for some time. The downside seems to be capped as the super negative numbers of Axis bank and the melodrama in India’s biggest industrial house TATAs, did not shake the confidence of the bulls but at the same time excellent results have met with profit booking at the higher levels indicating that there seems to be a cap on the upside in the near term," he added.

Shares of auto companies will be in focus as companies start unveiling monthly sales volume data for October 2016 from tomorrow.

Among macro economic data, Markit Economics will announce the India Manufacturing Purchasing Managers' Index (PMI) data for October 2016 tomorrow.

Globally, Asian stocks got off to a shaky start on Monday after a renewed FBI probe of US Democratic presidential candidate Hillary Clinton's use of a personal email server sparked fresh tumult in markets, just days before the Nov. 8 presidential vote.

MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.2%. It is set to end the month down 2%. Japan's Nikkei slipped 0.6%, but remains poised for a monthly gain of 5.4%.

On Friday, Wall Street and the dollar closed lower, after FBI Director James Comey sent a letter to the US Congress informing it that the agency is again reviewing emails related to the private server Clinton used when she was secretary of state.

With Reuter inputs