Indian Markets Closed For Independence Day

(RTTNews) - Indian financial markets remain closed today on account of Independence Day.

On Monday, benchmark indexes Sensex and Nifty recovered from an early slide to end marginally higher, while the rupee hit a 10-month low before closing down 10 paise at 82.95 against the dollar.

Data from the National Statistical Office revealed later in the day that India's consumer price inflation rose more-than-expected in July to the highest level in more than a year amid high food prices, especially vegetables.

The consumer price index climbed 7.44 percent year-over-year in July, faster than the revised 4.31 percent rise in June. Economists had forecast the inflation rate to increase to 6.4 percent.

Moreover, inflation surpassed the Reserve Bank of India's tolerance band of 2-6 percent for the first time in five months and was above the medium-term target of 4.0 percent.

Separate data showed, India's wholesale prices declined for the fourth successive month in July, though at a slower-than-expected pace.

The wholesale price index dropped 1.36 percent year-over-year in July, slower than the 4.12 percent decrease in June. Economists had expected a 2.7 percent fall.

India's merchandise trade deficit slightly widened to $20.67 billion in July, as compared to $20.13 billion in June. The trade deficit data, however, narrowed in the month on a year basis.

Asian markets were mostly lower this morning after Chinese industrial production, retail sales and fixed asset investment data all fell short of expectations.

Japanese shares traded notably higher after Q2 GDP data beat expectations.

A stronger dollar dragged bullion prices to over one-week low as traders await U.S. retail sales figures and earnings updates from Target and Walmart.

Oil prices edged up slightly in cautious trade after China's central bank cut short-term loan rates and reverse repo rates.

U.S. stocks rose overnight, with technology stocks leading the surge on growing hopes of a soft landing in the U.S. economy and a rating upgrade of Nvidia by Morgan Stanley.

The Dow edged up marginally, the S&P 500 added 0.6 percent and the tech-heavy Nasdaq Composite surged 1 percent.

European stocks closed mixed on Monday amid concerns around the health of the Chinese economy and the possibility of U.S. interest rates rising further.

The pan European STOXX 600 gained 0.2 percent. The German DAX rose half a percent and France's CAC 40 edged up 0.1 percent while the U.K.'s FTSE 100 dropped 0.2 percent.