Indian Markets Closed For Public Holiday

Indian markets remain closed today on account of Id-Ul-Fitr or Ramzan Eid.

Benchmark indexes Sensex and the Nifty fell about 1 percent on Wednesday to extend losses from the previous session, while the rupee depreciated by eight paise to settle at 73.42 against the U.S. dollar.

Retail inflation and IIP data released later in the day provided strong positive signals for the economy.

India’s consumer price inflation slowed in April, after accelerating in the previous month, preliminary data from the statistical office showed.

The consumer price index rose 4.29 percent year-on-year after a 5.52 percent jump in March. Economists had forecast an inflation rate of 4.20 percent.

India’s industrial production grew strongly in March, after a sharp fall in the previous month, separate data showed.

The industrial production index climbed 22.4 percent year-on-year, which was faster than the 17.6 percent growth economists had forecast.

Asian markets followed Wall Street lower and Treasury yields gave up some of their gains from the previous session while bitcoin continued its fall after Tesla Inc. CEO Elon Musk tweeted that the company has suspended the use of bitcoin to purchase its vehicles because of climate concerns. The dollar held gains while oil pulled back from an eight-week high.

U.S. stocks plunged overnight to extend the week’s declines after data showed consumer inflation rose at its fastest rate since 2008 last month, raising worries about whether companies will be able to pass the increased costs on to consumers.

The Dow lost 2 percent, the tech-heavy Nasdaq Composite plummeted 2.7 percent and the S&P 500 shed 2.1 percent.

European stocks rose on Wednesday as investors cheered upbeat regional growth data, with the EU sharply revising its growth forecasts for this year and next.

The pan European Stoxx 600 gained 0.3 percent. The German DAX and France’s CAC 40 index both edged up around 0.2 percent while the U.K.’s FTSE 100 added 0.8 percent.

Market Analysis