New Delhi: The Indian stock market exchanges, National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), will remain closed today, on September 2, on the occasion of Ganesh Chaturthi.
As a result, domestic equity, debt, foreign exchange and wholesale commodity markets will also remain shut today. Moreover, exchanges will remain closed on September 10 as well on account of Muharram.
The benchmark BSE Sensex on September 1, closed 0.71 per cent or 263.86 points higher at 3733279, while the broader NSE Nifty index was up by 85.60 points at 11,033.90.
The 10-year benchmark bond yield closed at 6.5619 per cent while rupee settled at 71.410 to the US dollar. The markets will resume trading again on September 3, Tuesday, after the official data released on Friday indicated India’s GDP at a 5 per cent growth, marking the slowest pace of growth in nearly seven years.
Meanwhile, the auto industry has also slumped further as all major players continue to be witnessing a major decline in sales.
Tata Motors reported a 49 per cent decline in its domestic sales on a year-on-year (YoY) basis at 29,140 units. Maruti Suzuki India fell by 32.7 per cent in its vehicle sales last month YoY. The company sold 1,06,413 units, including exports, as opposed to 1,58,189 vehicles in August 2018. Similarly, Mahindra and Mahindra’s (M&M) local sales declined 26 per cent YoY.
Now, with the latest revisions in the Indian banks, the sector is volatile in the near term amid a total slowdown of the economy. Union Finance Minister Nirmala Sitharaman on Friday addressed the media announcing an ambitious merger plan for public sector banks, consolidating 10 PSU banks into four “stronger” leaders.
The four new sets of banks include – Punjab National Bank, Oriental Bank of Commerce (OBC) and United Bank; Canara Bank and Syndicate Bank; Union Bank of India, Andhra Bank and Corporation Bank; and Indian Bank and Allahabad Bank.