Stock, commodity, money markets shut on account of Gandhi Jayanti

The Indian financial market remained closed on Wednesday on account of Mahatma Gandhi Jayanti. Trading in equity, debt, and currency to resume on October 3, Thursday. It was a tumultuous day at the markets on Tuesday which witnessed volatility amidst PMC and Laxmi Vilas bank crisis; apart from these, there was a warning by Moody's that banks in India will see a decrease in the capital if there is a rise in corporate default. All these factors played a role in the overall decline of the Markets on October 1.

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Highlights of Markets on October 1

According to reports, Bombay stock exchange closed at 362 points at 38,305 or 0.9% lower, Nifty 50, on the other hand, fell by 115 points to 11,360. Adding to the S&P BSE Sensex and Nifty 50 update, the rupee fell by 20 paise to end 71.07 against the US dollar on October 1, furthering its losses into the second day. Moody's also issued a warning for Indian banks which contributed to the fall in markets which were primarily led by banking stocks-

Meanwhile, Asian markets performed better in the hopes that the US-China trade war will show some progress towards a solution with Japan's Nikkei rising 0.59%. Chinese markets remained shut due to 70 years since the country's foundation.

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RBI to release Monetary policy statement

As per reports, the RBI's Monetary Policy Committee is slated to release a statement on October 4, on the last day of the three-day meet which started on October 1. Reportedly, Many economists believe that RBI will announce a rate cut in the policy statement.

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(With inputs from ANI)