Guru Nanak Jayanti 2019: Stock Markets Shut On Account Of Gurpurab
The domestic equity, debt and currency markets remained closed on Tuesday on account of 550th Guru Nanak Jayanti (Guru Nanak Gurpurab). The S&P BSE Sensex and NSE Nifty 50 indexes ended on a flat note in trade on Monday as gains in banking heavyweights like ICICI Bank, HDFC Bank, Kotak Mahindra Bank, IndusInd bank and State Bank of India were offset with losses in Infosys, Tata Consultancy Services, Reliance Industries and ITC. Also Read: Devotees Throng Golden Temple On 550th Birth Anniversary Of Guru Nanak (Guru Nanak Jayanti)
After witnessing a stellar run since Diwali, wherein the Sensex advanced 3.30 per cent and the Nifty 50 index surged 2.84 per cent, the benchmarks had been trading on a subdued note for the past two sessions after Moody's Investors Service on Thursday changed its outlook on India's ratings to "negative" from "stable", citing increasing risks that the country's economic growth will remain lower than in the past.
The outlook partly reflects government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden from already high levels, the ratings agency said.
Meanwhile, according to a report by CARE Ratings net assets of Indian mutual fund (MF) industry grew to record high of Rs 26.33 lakh crore in October 2019.
Banks, finance, software, consumer non-durables and petroleum products were the top five sectors where equity assets under management (AUM) invested their funds in October 2019 and they cumulatively accounted for 57 per cent share of equity AUMs equivalent to Rs.6.7 lakh crore.
The Sensex has so far this year advanced nearly 12 per cent and the Nifty has climbed 10 per cent after witnessing a bout of selling pressure in the months of July and August.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
