BSE, NSE, forex, commodity markets closed on account of Gandhi Jayanti; global shares at one-month low on US manufacturing shock

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The Bombay Stock Exchange (BSE), and National Stock Exchange are shut today (2 October) on account of Gandhi Jayanti.

Wholesale commodity markets, including metal and bullion, will also be closed. There will be no trading activity on forex and commodity futures markets as well.

Trading activity will resume on Thursday, 3 October.

Equity benchmarks languished for the third straight session on Tuesday (1 October) as financial sector woes, auto sales slump and weak macro data triggered an across-the-board sell-off.

The 30-share BSE Sensex, which opened on a firm footing, crashed over 737 points in late afternoon trade, before finally recouping some losses to finish at 38,305.41, down 361.92 points or 0.94 percent.

 BSE, NSE, forex, commodity markets closed on account of Gandhi Jayanti; global shares at one-month low on US manufacturing shock

Representational image. Reuters.

The broader Nifty too underwent bouts of volatility and closed lower by 114.55 points, or 1 percent, at 11,359.90.

The Sensex has now lost 684.33 points, or 1.76 percent, in three sessions, while the Nifty has dropped 211.30 points or 1.83 percent.

Analysts said caution prevails among investors amid a deepening crisis at Punjab and Maharashtra Co-operative Bank (PMC) and fraud allegations against companies like Indiabulls Housing Finance Ltd (IHFL), according to a PTI report.

US-China trade war impacts US economy

Meanwhile, global shares fell to one-month lows on Wednesday after US manufacturing activity tumbled to more than a decade low, sparking worries that the fallout from the US-China trade war is spreading to the US economy.

A slowdown in US economic growth would remove one of the few remaining bright spots in the global economy and come just as Europe is seen as close to falling into recession, according to Reuters.

MSCI’s gauge of stocks across the globe covering 49 markets, dipped 0.06 percent to a low last seen in early September, after shedding 0.83 percent in the previous session.

In Asia, MSCI’s ex-Japan Asia-Pacific shares index dropped 0.7 percent, with Australian shares falling 1.3 percent and South Korean shares shedding 1.4 percent. Japan’s Nikkei .N225 slid 0.65 percent. China markets are closed for a one-week holiday.

Hong Kong’s Hang Seng index fell 0.8 percent in early trade after a market holiday. On Tuesday, Hong Kong police shot a teenage protester, the first to be hit by live ammunition in almost four months of unrest in the Chinese-ruled city.

Data on Hong Kong September retail sales are due later on Wednesday.

“Nothing other than a terrible number is conceivable here,” ING chief Asia-Pacific economist Rob Carnell said in a note, adding that he was watching Hong Kong events “with a growing sense of despair.”

Adding to tensions in Asia, North Korea carried out at least one more projectile launch on Wednesday, a day after it announced it will hold working-level talks with the United States at the weekend.

On Wall Street, the S&P 500 lost 1.23 percent to hit four-week lows.

Selling was triggered after the Institute for Supply Management’s (ISM) index of factory activity, one of the most closely-watched data on U.S. manufacturing, dropped 1.3 points to 47.8, the lowest level since June 2009.

A reading below 50 indicates contraction in the manufacturing sector. Markets had been expecting the index to rise back above 50.

–With inputs from agencies





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