Stock market update: Indian stock markets are closed today (July 17) in observance of the Muharram holiday, and trading will resume on Thursday. Muharram, the first month of the Islamic lunar calendar, is a significant period for Muslims worldwide. It marks the beginning of the Islamic New Year and holds great religious importance.
During this holiday break for India, other Asian markets showed mixed performance. In Japan, the Nikkei 225 index experienced a modest increase, gaining 40 points to reach a level of 41,310.70. This uptick reflects a positive sentiment among Japanese investors. Meanwhile, in Hong Kong, the Hang Seng index also saw a slight rise, increasing by 9 points to settle at 17,737.27. This indicates a cautious optimism in the Hong Kong market.
Chinese markets struggle
Meanwhile, Taiwan's Taiwan Weighted Index faced a downturn, declining by 56 points to close at 23,940.87. This drop suggests some selling pressure or negative sentiment among Taiwanese investors. Similarly, Chinese markets struggled as the Shanghai Composite index fell by 13 points, bringing it down to 2,963.89. This decline indicates broader selling pressure within the Chinese market at the time of this report. Overall, while some Asian markets showed resilience, others faced challenges, highlighting the varied economic sentiments across the region.
How did markets fare on July 16?
On Tuesday, Indian stock indices Sensex and Nifty closed at fresh record highs. The Sensex settled at 80,716.55 points, up 0.1 per cent, while the Nifty settled at 24,613.00 points, also up 0.1 per cent. While broader indices closed marginally higher, most sectoral indices settled in the red. Nifty Media declined the most, down 1.03 per cent, while Nifty Realty rose the most, up 1.66 per cent, according to NSE data. The past week saw Indian stock markets touching fresh all-time highs. The upward movement in the market was triggered by the latest moderation in US inflation, better-than-expected results in the IT sector, and the absence of negative market fundamentals.
(With inputs from agencies)
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