MUMBAI: Indian stock markets remained closed on Tuesday on account of the Mahavir Jayanti holiday, with trading suspended on both the NSE (National Stock Exchange) and BSE (Bombay Stock Exchange).
In the commodities segment, the Multi-Commodity Exchange of India (MCX) also remained shut during the morning session from 9 am to 5 pm. However, trading is scheduled to resume in the evening session between 5 pm and 11:30 pm.
Global market cues remained mixed on Tuesday. In Asia, Japan’s Nikkei 225 declined by 0.83 per cent to 51,465 level, while Singapore’s Straits Times index rose by 0.31 per cent to 4,912 level. Hong Kong’s Hang Seng index fell by 0.37 per cent to 24,659 level, and South Korea’s KOSPI index declined by 3 per cent to 5,116 level.
In the commodities market, Brent crude oil prices moderated slightly but remained elevated at $107 per barrel. On Monday, crude prices had surged as high as $114 per barrel, reflecting ongoing supply concerns. Gold prices witnessed a rebound after recent declines, with 24 karat gold trading at Rs 1,47,450 per 10 grams. Silver prices also showed a positive trend, trading at Rs 2,29,033 per kg at the time of filing this report.
In the US markets on Monday, the Dow Jones index closed nearly flat with a marginal gain of 0.11 per cent at 45,216 level. The S&P 500 index declined by 0.39 per cent to 6,343 level, while the Nasdaq index fell by 0.73 per cent to 20,794 level.
European markets, however, showed positive momentum. The FTSE index of the United Kingdom rose by 1.59 per cent to 10,127 level, France’s CAC 40 index gained 0.91 per cent to 7,772 level, and Germany’s DAX index surged by 1.16 per cent to 22,562 level.
On Monday, Indian equity markets witnessed a sharp decline. The BSE Sensex settled at 71,947.55 points, falling by 1,635.67 points or 2.22 per cent, while the NSE Nifty 50 closed at 22,331.40 points, down by 488.20 points or 2.14 per cent. The Indian rupee also traded near the 95 mark against the US dollar.
Market sentiment has been under pressure due to the ongoing conflict in West Asia and disruptions in energy trade routes. The surge in crude oil prices has raised concerns over inflation and global economic stability. Higher energy prices are expected to push inflation upward, which could lead central banks to adopt a more hawkish stance on interest rates, impacting liquidity and growth.
India remains particularly vulnerable as it imports a significant portion of its energy needs. The rise in crude prices has increased the country’s import bill, adding pressure on the economy amid global uncertainties. (ANI)
