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Stock, commodity & forex markets shut today on account of Ganesh Chaturthi

SI Reporter/New Delhi 13 Sep 18 | 08:32 AM

India's equity, forex, money and commodity markets will remain closed on Thursday on account of Ganesh Chaturthi.

On Wednesday, the benchmark indices ended higher as the rupee recovered after hitting a record low of 72.91 against US dollar and value buying at lower levels.

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The S&P BSE Sensex ended at 37,718, up 305 points while the broader Nifty50 index settled at 11,370, up 82 points.

Among sectoral indices, the Nifty FMCG index ended 2.5 per cent higher led by a rise in the share prices of GlaxoSmithKline Consumer Healthcare and ITC. The Nifty Pharma index, too, rose 1.1 per cent led by Sun Pharmaceutical Industries.

On Friday, the markets are likely to react to Consumer Price Index (CPI) and Index of Industrial Production (IIP) data, which were released post market hours on Wednesday. That apart, the investors will also look forward to the outcome of the Prime Minister's meeting on the country's macroeconomic situation.

Prime Minister Narendra Modi will chair a high-level meeting on Saturday to take stock of the country’s macroeconomic situation, against the backdrop of a falling rupee and rising petrol and diesel prices. Finance Minister Arun Jaitley, Secretary Hasmukh Adhia and other senior officials are expected to attend the meeting, during which a presentation will be given on the state of the economy, according to sources.

CPI, IIP data

India's consumer price index (CPI) inflation rate fell to a 10-month low of 3.69 per cent in August as food prices declined at a steeper rate in urban areas compared to July and remained almost flat in rural areas. However, fuel inflation rose in August due to higher international crude prices.

The industrial output in July grew 6.6 per cent from a year earlier, helped by a rise in the sales of consumer durables ahead of festive season, government data showed on Wednesday.

Global Markets

Asian shares won a reprieve on Thursday as news the Trump administration has reached out to China for a new round of trade talks raised hopes a deal could be struck in the bitter tariff dispute between the world’s two biggest economies.

MSCI's broadest index of Asia-Pacific shares outside Japan inched 0.2 per cent higher in early trade, a day after it hit 14-month lows, while Japan's Nikkei gained 0.8 per cent.

Senior US officials led by Treasury Secretary Steven Mnuchin recently sent an invitation to their Chinese counterparts, including Vice Premier Liu He, to hold another bilateral trade meeting.

(with Reuters inputs)

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