Indian Markets Closed For Bakrid

Indian markets remain closed today on account of Eid-ul-adha 2021 or Bakrid 2021.

Shares ended lower for the third day running on Tuesday, with benchmark indexes Sensex and the Nifty falling 0.7 percent and 0.8 percent, respectively on concerns that further lockdowns and tougher travel restrictions due to the fast-spreading Delta variant of the coronavirus worldwide could upend global economic recovery.

The rupee reversed early losses to close 27 paise higher at 74.61 (provisional) amid a weaker U.S. dollar and falling U.S. yields.

The Asian Development Bank (ADB) has downgraded India’s GDP growth forecast for the current financial year to 10 percent from 11 percent projected earlier, but growth projection has been raised to 7.5 percent for next fiscal, by which time much of India’s population is expected to be vaccinated.

Asian markets were broadly higher this morning, while gold prices slipped on a buoyant dollar and a rebound in U.S. Treasury yields. Oil fell again after rebounding on Tuesday.

U.S. stocks rose sharply overnight, with renewed optimism over economic recovery and a string of upbeat earnings reports helping underpin sentiment after Monday’s steep selloff.

The Dow and the tech-heavy Nasdaq Composite index climbed around 1.6 percent each while the S&P 500 rallied 1.5 percent.

European stocks also rose on Tuesday after their worst day in seven months on mounting worries about the spread of the delta variant of the coronavirus in several countries.

The pan European Stoxx 600 advanced half a percent. The German DAX rose 0.6 percent, France’s CAC 40 index gained 0.8 percent and the U.K.’s FTSE 100 added half a percent.

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