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Equity, currency, commodity markets are closed today for Gandhi Jayanti

On Monday, the S&P BSE Sensex gained 299 points or 0.83 per cent to settle at 36,526 while the broader Nifty50 index reclaimed the crucial 11,000 level to settle at 11,008.

SI Reporter  |  New Delhi 

SMEs, banks, foreign exchange, markets, forex, small and medium price industries,
SMEs at large do not understand forex and the concept of hedging, which banks often exploit. (Photo: iStock)

The domestic equity, currency, debt and commodities markets will be closed today on account of Gandhi Jayanti. Trading will resume on Wednesday.

On Monday, the S&P BSE Sensex gained 299 points or 0.83 per cent to settle at 36,526 while the broader Nifty50 index reclaimed the crucial 11,000 level to settle at 11,008, up 78 points or 0.71 per cent.

Among sectoral indices, the Nifty IT index settled 2.4 per cent higher led by a rally in Infibeam Avenues, Tata Consultancy Services (TCS) and Infosys. The Nifty PSU Bank ended 3.6 per cent higher led by IDBI Bank and Indian Bank.

Vinod Nair, Head of Research, Geojit Financial Services, said, "Market rebounded after a weak start with short covering in banking stocks after recent correction and a positive global market. The new trade deal between US & Canada ease trade war concerns and will stimulate sentiment. September auto sales numbers are mixed due to higher fuel price and interest rates." The prevailing concern on higher oil prices and weak rupee remains unchanged and investors are keenly awaiting upcoming RBI policy to get cues on market direction, Nair added.

Among key stocks, the shares of Infrastructure Leasing & Financial Services (IL&FS) Group companies rallied by up to 20% in intraday trade amid reports the government may move to seize control of the management of an Indian financier that’s roiled markets by defaulting on debt, with the move coming just after the beleaguered company unveiled details of a restructuring proposal.

Bandhan Bank hit the lower circuit, slipping 20 per cent to Rs 451.20 on the BSE following Reserve Bank of India’s (RBI's) decision to stop the private sector lender from opening new branches and freezing the remuneration of its managing director & chief executive officer (MD & CEO) Chandra Shekhar Ghosh.

First Published: Tue, October 02 2018. 07:15 IST
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