Indian Markets Closed For Independence Day

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

Last week, stocks extended their winning streak for a fourth consecutive week on the back of strong corporate earnings and the return of foreign fund flows.

The BSE Sensex and broader Nifty index jumped 1.8 percent and 1.7 percent, respectively for the week, while the rupee posted a weekly loss - failing to capitalize on a weaker dollar.

India's consumer price inflation eased more-than-expected in July, while industrial production continued to expand strongly in June, though at a slower rate than in the prior month, data released after markets hours on Friday showed.

On the earnings front, state-run insurer LIC reported a multi-fold jump in standalone net profit to Rs. 682.89 crore for the June quarter compared to a profit of Rs. 2.94 crore in the same period last year.

ONGC reported its highest quarterly net profit of Rs 15,206 crore in the June quarter on the back of record oil and gas prices, while Hero MotoCorp said its consolidated Q1 profit after tax grew 71 percent year-on-year.

Asian markets traded mixed this morning, with Chinese and Hong Kong stocks declining after the People's Bank of China unexpectedly cut a key policy interest rate for the first time since January, reflecting concerns about growth and sluggishness in credit demand.

Gold slipped and the dollar edged higher as investors awaited the release of latest FOMC minutes on Wednesday for clues on the size of next rate hike.

Oil extended Friday's losses amid signs of progress in talks on reviving a 2015 nuclear deal.

U.S. stocks rallied on Friday to deliver a fourth straight week of gains amid expectations that moderating inflation will help thee Fed pull off a soft landing for the economy.

A measure of U.S. consumer sentiment improved much more than expected in August and one-year inflation expectations fell to the lowest level since February, adding to optimism about the economy.

The Dow gained 1.3 percent, the tech-heavy Nasdaq Composite surged 2.1 percent and the S&P 500 added 1.7 percent to reach new three-month closing highs.

European stocks ended firmly in positive territory on Friday as investors reacted to better-than-expected readings on U.K. second-quarter GDP and Eurozone industrial production.

The pan European Stoxx 600 edged up 0.2 percent. The German DAX climbed 0.7 percent, France's CAC 40 index inched up 0.1 percent and the U.K.'s FTSE 100 rose half a percent.