Indian stock exchanges to remain shut for Ganesh Chaturthi

MUMBAI: India stock exchanges are closed on Tuesday for trading on the occasion of Ganesh Chaturthi. Normal trading will resume tomorrow. The next stock market holiday is on October 2 – Mahatma Gandhi Jayanti.

On Monday, Indian stock indices closed in the red, with the benchmarks largely witnessing profit booking. Investors may have taken some money off the table after the indices hit their fresh highs last week.

Indian stock indices touched fresh highs on Friday, largely due to strong cues from US markets and consistent fund inflows by foreign portfolio investors.

On Thursday too, they tasted fresh highs. Going ahead later this week, investors are likely to tread carefully as the U.S. Federal Reserve's meeting scheduled Tuesday-Wednesday, its outcome, will be closely monitored.

The US central bank in its July meeting raised its benchmark interest rate by 25 basis points, the highest in the past 22 years at 5.25-5.5 per cent, in its fight against soaring inflation and bringing it back to 2 per cent target.