Indian Markets Closed For Diwali Balipratipada

(RTTNews) - Indian stock markets remain closed today on account of Diwali Balipratipada.

Benchmark indexes Sensex and Nifty moved in a narrow range before ending marginally higher on Monday, after having snapped their seven-session winning streak on Sunday's special Muhurat trading session.

The rupee settled 5 paise higher at 93.93 against the U.S. dollar, boosted by stable crude oil prices and continued foreign fund inflows.

Foreign institutional investors (FIIs) extended their buying spree and bought shares worth Rs. 7,212.22 crore on a net basis on Monday, while domestic institutional investors (DIIs) net sold shares to the extent of Rs. 7,172.53 crore, according to provisional exchange data.

Asian markets were broadly higher this morning after U.S. benchmark indexes saw their biggest rally in over seven months overnight.

The U.S. dollar index was subdued ahead of the release of October U.S. CPI report later in the day, with economists expecting smaller increases than in September.

Gold slipped to $4,133 an ounce after a strong rally. Following upbeat U.S. jobs data released last week, markets currently price in an 84 percent chance of a Federal Reserve rate hike in December.

Brent crude prices dipped below $92 a barrel in early Asian trade after falling almost 6 percent in the previous session to reach the lowest level since late August amid ongoing diplomatic efforts to end the Middle East conflict.

After meeting Qatar's Prime Minister at the White House, U.S. President Trump said there is positive momentum toward ending the Iran conflict.

U.S. stocks soared overnight, extending Friday's partial recovery from a sharp technology sell-off as falling oil prices helped ease inflation concerns.

Front-month Brent crude futures slumped nearly 6 percent after President Trump downplayed the prospect of further U.S. strikes on Iran but warned U.S. forces remained "locked and loaded."

Trump described the war as militarily "effectively over" but emphasized the continuation of the U.S. naval blockade and Operation Iron Gate.

Iran's security chief, however, accused the United States of fabricating reports of negotiations and demanded acceptance of Tehran's seven conditions to end the conflict.

The tech-heavy Nasdaq Composite jumped 2.7 percent, the S&P 500 climbed 2.4 percent and the Dow surged 2.2 percent despite allegations of espionage involving Nvidia CEO Jensen Huang.

European stocks also rallied on Monday, with a recovery in technology shares and declining oil prices supporting risk appetite.

The pan-European STOXX 600 advanced 1.3 percent. The German DAX surged 1.7 percent, France's CAC 40 rallied 1.2 percent and the U.K.'s FTSE 100 added 1 percent.