Mumbai: Stock markets were closed for trading on Monday on account of Ganesh Chaturthi festival. The 10-day Hindu festival is celebrated to honour the elephant-headed Lord Ganesha's birthday.
The forex and commodity futures markets also did not conduct any trading. Stock markets will resume trade on Tuesday. On Friday, equity markets ended with handsome gains as the Nifty reclaimed the 11,000 mark.
The recovery was led by the banking stocks, just before Finance Minister Nirmala Sitharaman announced the amalgamation of 10 public sector banks into four big banks. After this, the total number of public sector banks in the country will come down to 12 from 24.
However, the GDP growth in first quarter of current fiscal plunged to a low of 5 per cent, leading many experts to believe that the country could be in for a prolonged de-growth.
Meanwhile, Asian stocks fell after the United States and China imposed new tariffs on each other's goods. Japan's Nikkei shed 0.28 per cent while MSCI's broadest index of Asia Pacific shares outside Japan dropped 0.3 per cent.
There was a 0.5 per cent drop in Hong Kong's Hang Seng after another weekend of violent anti-government protests.