The Indian stock market is closed today, Friday, October 2, on the occasion of Gandhi Jayanti. There will be no trading on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Due to this holiday, investors will not be able to buy and sell shares on both the major exchanges today. Along with this, there will be no work in the equity derivatives segment. MCX will also not function. Multi Commodity Exchange (MCX) will also remain closed on the occasion of Gandhi Jayanti. There will be no trading in MCX in both morning and evening sessions. Market slipped for the 8th consecutive week, Nifty-Sensex close to recession. A day earlier on Thursday, the stock market closed in the red for the 8th consecutive week. On October 1, the last trading day of the week, the Sensex closed at 71,910, down 570 points or 0.79%. Nifty fell by 198 points or 0.88% to 22,422. There was maximum selling in auto and media stocks. The longest period of decline in 25 years. This is the 8th consecutive week when the market has closed in the red. This is the longest period of decline in the last 25 years. Earlier in the year 2001, the market had fallen for 9 consecutive weeks. Nifty is down about 15% so far from its all-time high of 26,373 in January. According to stock market rules, if the market falls by 20% from its upper level, it is considered an official ‘bear market’. 3 main reasons for the decline in the stock market 1. Selling by foreign investors: Foreign investors have rapidly withdrawn money from the Indian market. Shares worth more than Rs 20 thousand crore were sold on Tuesday and Wednesday alone, taking the total selling this week till Wednesday to about Rs 26 thousand crore. Foreign investors sold shares worth Rs 29 thousand crore in 7 days. Note: Net buying/selling figures of FIIs and DIIs are in crores of rupees. 2. Jump in US bond yield: The interest (yield) on 10-year US government bond has increased to 5.33% and on 30-year bond has reached 5.67%. This is the highest level since 2002. Due to higher returns on secured government bonds, foreign investors are withdrawing money from the stock market and investing it in bonds, due to which the fall in shares has increased. 3. Fall in Rupee: Indian Rupee has weakened due to strengthening of Dollar. The rupee fell to 95.98 per dollar. Although government banks tried to support the rupee by selling dollars, the weakening of the currency had a direct negative impact on the stock market.
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Stock market closed today on Gandhi Jayanti: There will be no trading on NSE-BSE; Market slips for 8th consecutive week, Sensex-Nifty close to recession
