Stock Markets closed on account of Moharrum

Indian stock, debt and commodities markets are closed for trading today on account of Moharrum.

On Thursday. Indian stocks rallied after Federal Reserve chair Janet Yellen said that the Fed would continue its stimulus measures. Further, Reserve Bank of India’s governor Raghuram Rajan comments on late Wednesday that there were no fundamental reasons for weakening of the currency also boosted sentiment.

“Post a strong quarter of earnings and comments from the new Fed Chief, indicating delay in any tapering of QE, markets did rallied. Indian markets will likely find support at levels of 5900-6000, which was the top-end of range of 2013. However, near term trends will still remain range bound, till the time we see clarity on any growth revival in 1QCY14 or election results in 2QCY14,” says Rajat Rajgarhia, Director, Research, Motilal Oswal.

The 30-share Sensex surged 205 points or over 1% to end at 20,399 levels and the broader 50-share Nifty jumped 67 points to end the session at 6,056 levels.

US stock indices extended gains on Thursday in overnight trades with the Dow and S&P 500 ended at fresh closing highs buoyed by stimulus-supportive comments from US Federal Reserve Chair nominee, Janet Yellen.

The Dow Jones industrial average ended up 54 points, or 0.4%, to end at 15,876.22. The Standard & Poor’s 500 Index closed 9 points, or 0.5% up at 1,790.62. The Nasdaq Composite Index ended up 7 points or 0.2% at 3,972.74.

Asian stocks surged on Friday following comments from US Federal Reserve Chair nominee, Janet Yellen that it would continue its monetary stimulus measures to support the US economy. In Japan, a weaker yen against the US dollar also boosted sentiment.

Japan’s Nikkei was up 1.8%, China’s Shanghai Composite was up 2.3%, Hong Kong’s Hang Seng surged 1.5% and Singapore’s Straits Times was up 0.2%.

Source: business-standard

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