Share market closed today on Gandhi Jayanti:Sensex Nifty near bear market falling for eighth consecutive week

The Indian stock market is closed today, Friday, 2 October, on the occasion of Gandhi Jayanti. Trading will not take place on the National Stock Exchange (NSE) or the Bombay Stock Exchange (BSE). Because of the holiday, investors will not be able to buy or sell shares on either of the two major exchanges today. There will also be no activity in the equity derivatives segment. No trading on MCX either The Multi Commodity Exchange (MCX) will also remain closed on the occasion of Gandhi Jayanti. There will be no trading in either the morning or evening session on MCX. Market slips for eighth consecutive week; Nifty-Sensex near bear market The stock market closed in negative territory for the eighth consecutive week on Thursday, a day earlier. On 1 October, the final trading day of the week, the Sensex fell 570 points, or 0.79%, to close at 71,910. The Nifty declined 198 points, or 0.88%, to 22,422. Auto and media stocks saw the heaviest selling. Longest losing streak in 25 years This is the eighth consecutive week in which the market has closed in negative territory. It is the longest losing streak in the past 25 years. Before this, the market had declined for nine consecutive weeks in 2001. The Nifty has now fallen around 15% from its all-time high of 26,373 in January. Under stock market rules, if the market falls 20% from its peak, it is officially considered a ‘bear market’. Three main reasons for the fall in the stock market 1. Selling by foreign investors: Foreign investors have rapidly withdrawn money from the Indian market. They sold shares worth more than ₹20,000 crore on Tuesday and Wednesday alone, taking total selling this week to around ₹26,000 crore by Wednesday. Foreign investors sold shares worth ₹29,000 crore in seven days Note: The net buying/selling figures for FIIs and DIIs are in ₹ crore. 2. US bond yields surge: The yield on 10-year US government bonds has risen to 5.33%, while that on 30-year bonds has reached 5.67%. This is the highest level since 2002. With safer government bonds offering higher returns, foreign investors are withdrawing money from the stock market and investing it in bonds, intensifying the fall in shares. 3. Decline in the rupee: The Indian rupee weakened as the dollar strengthened. The rupee fell to 95.98 per dollar. Although state-owned banks tried to support the rupee by selling dollars, the currency’s weakness had a direct negative impact on the stock market.