Indian Markets Pause for Ganesh Chaturthi Amidst Global Trends
Indian stock markets remained closed on Ganesh Chaturthi, with no trading in equity, derivatives, and currency segments. Meanwhile, other Asian markets showed optimism, with Japan and South Korea posting gains. Previously, Indian markets faced pressure due to impending US tariffs, leading to significant declines.
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- India
Markets across India came to a standstill on Wednesday due to the observance of Ganesh Chaturthi, a public holiday in Maharashtra where the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) are located. The trading hiatus affected all segments, including equity, derivatives, and currency.
While Indian exchanges remained idle, major Asian markets displayed a positive outlook. The Nikkei 225 index in Japan increased by 0.32%, reflecting investor confidence. Similarly, Singapore's Straits Times index edged up by 0.12%. However, the Hang Seng index in Hong Kong showed a slight dip of 0.04%, whereas Taiwan's Weighted index rose by 0.88%, and South Korea's KOSPI marginally increased by 0.07%.
In contrast, Indian markets faced a downturn on Tuesday after the Trump administration announced imposing an additional 25% tariff on Indian imports effective August 27. This dampened investor sentiment, causing significant declines. The Nifty 50 slipped 255.70 points, or 1.02%, and the BSE Sensex dropped 849.37 points, or 1.04%. The banking sector was particularly affected, with the Bank Nifty index recording further losses and signaling a continued bearish trend.
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