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Muharram will keep Markets closed

Markets will remain closed today on account of Muharram


Markets will remain closed today on account of Muharram:- Indian equity, money, forex and commodity markets will remain closed today on account of Muharram. Markets had remained shut yesterday also on account of Dussehra.

Quarterly results from the blue-chips TCS and Infosys and announcement of the macroeconomic data – IIP and inflation – will drive market sentiment in a holiday-shortened week, says the experts.

Earnings season will also commence from this week as Tata Consultancy Services is further scheduled to announce its September quarter results on October 13, and Infosys will be announcing its results on October 14.

“Occurrence of ‘Doji’ post the pullback reaffirms the immediate movement to remain capped.

The momentum indicator RSI also saw a pullback during the week & now seems resuming its movement towards the oversold zone. “The overall setup reveals the upside to remain capped during the truncated week at 8830 while the lower base could be around 8550. Momentum traders could continue their shorts with a stop at 8830,” said Sacchitanand Uttekar, Equity Technical Analyst of Motilal Oswal Securities.

Markets will remain closed today on account of Muharram
Markets will remain closed today on account of Muharram

In the macro-economic front, monthly inflation data which is based on consumer price index (CPI) for September is also due on Thursday and wholesale price index (WPI) on Friday.

GLOBAL MARKETS

Asian shares flirted with the three-week lows on Wednesday after a dour start to Wall Street’s corporate earnings season which knocked U.S. stocks, while the dollar and Treasury yields rose on growing expectations of a US rate hike in the month of December.

The British pound had jumped back from lows in a volatile trading session, though the concerns about a “hard Brexit” are likely to keep the currency under pressure.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.4% while Japan’s Nikkei futures slipped 0.7%.

On Wall Street, US S&P 500 Index fell 1.2% to near one-month low, and dipped below its 100-day moving average – which is seen as a major support – for the first time since June.

Shares of aluminum producer Alcoa tumbled 11.4% and diagnostics test maker Illumina plummeted 24.8% following their disappointing earnings, casting a pall over the market.

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