India’s currency, debt and equity markets will remain closed on Tuesday for a holiday. Financial markets will resume trading on Wednesday, Nov. 13. The broader NSE Nifty ended 0.04% higher at 11,913.45 on Monday, while the benchmark BSE Sensex closed up 0.05% at 40,345.08. The 10-year benchmark bond yield closed at 6.77%, while the rupee settled at 71.46 to the dollar.
India’s industrial output fell at the fastest pace in over six years in September, adding to a series of weak indicators that suggests the country’s economic slowdown is deep-rooted and interest rate cuts alone may not be enough to revive growth.
Boston Federal Reserve Bank President Eric Rosengren on Monday said the U.S. economy is in good condition and nothing he has seen in recent data would change his view that the Fed’s latest interest rate cut was not needed.