Markets closed on account of Republic Day

Indian equity, forex, money and commodity markets will remain closed today on account of Republic Day.

In the previous session, the benchmark indices finished flat with a positive bias after global crude oil prices resumed their downward trajectory post recording sharp gains on Friday. On January 25, the S&P BSE Sensex ended up 50 points at 24,486 and the Nifty50 ended up 14 points at 7,436.

Meanwhile, investors are watching out for the expiry of January derivative contracts due on Thursday, January 28.

Among global equities, Asian shares are declining tracking a slide in the oil prices rekindling fears of a global economic slowdown. Japan's Nikkei has dropped nearly 2% while Hong Kong’s Hang Seng and China’s Shanghai Composite have lost 1.4% and 1% each.

 

Crude oil prices fell on Monday, erasing its early price gains made on Friday citing reports stating that that Iraq's output has reached a record last month, deepening concerns of oversupply.

Overnight, Wall Street also suffered losses mirroring concerns regarding the further weakness in oil prices. The Dow Jones industrial average DJI fell 1.3% and the S&P 500 SPX lost  1.6%. Further, investors remain edgy as the Federal Reserve policymakers will meet on Tuesday and Wednesday for the first time since raising interest rates in December.