Indian Markets Pause for Prakash Gurpurb Amid Global Market Fluctuations

Indian stock markets closed on Friday for Prakash Gurpurb, celebrating Guru Nanak Dev's legacy. Meanwhile, Asian markets showed mixed indices. Japanese Nikkei and Hong Kong's Hang Seng rose, while Korea's KOSPI declined. Indian indices had fallen consecutively, influenced by multiple domestic factors.

The Indian stock markets paused for Prakash Gurpurb on Friday, a day honoring the birth of Sikhism founder Guru Nanak Dev. This event, cherished across India and beyond, emphasizes Guru Nanak's teachings that advocate equality, compassion, and service.

The closure included key financial platforms like the Bombay Stock Exchange (BSE), National Stock Exchange (NSE), and currency and commodity markets, halting all equity and derivative trading for the day. Normal market operations are set to resume on Monday, November 18.

Elsewhere in Asia, Japan's Nikkei index rose by 0.8 percent, Hong Kong's Hang Seng increased by 0.54 percent, and Taiwan's weighted index climbed 0.5 percent. Conversely, South Korea's KOSPI index fell by 0.4 percent. Brent crude currently trades at USD 72.13 per barrel.

Thursday saw Indian benchmark indices decline for the sixth consecutive session, reaching a new multi-month low. The Sensex closed at 77,580.31 points, a drop of 110.64 points or 0.14 percent. The Nifty ended at 23,532.70 points, shedding 26.35 points or 0.11 percent.

In a mixed sectoral performance, indices like Nifty Bank, Auto, and Media were in positive territory, while FMCG, Pharma, and PSU Bank faced declines. The ongoing slump is attributed to weak Q2 earnings, continuous foreign fund outflows, and escalating domestic inflation.

In the United States, markets mirrored a downward trend with the S&P 500 and Nasdaq both closing with losses. The S&P 500 fell by 0.6 percent and the Nasdaq by 0.69 percent.

(With inputs from agencies.)