Indian markets closed on October 2 for Gandhi Jayanti

On October 2, India’s equity, currency and debt markets were closed for a local holiday called Gandhi Jayanti. The BSE Sensex and the broader NSE index both experienced declines on Thursday, marking their eighth consecutive weekly loss and the longest such streak in 25 years. The record foreign selling, rising crude prices near $100 a barrel, and a surge in global yields contributed to the downward pressure on risk sentiment.

The Indian rupee weakened to 96.3150 per dollar on Thursday, its weakest level in two months, amid surging global bond yields and soaring oil prices, further straining the currency already impacted by foreign portfolio outflows. The 10-year bond yield rose to its worst week in seven, reaching 7.2133%, hovering at a two-and-a-half-year high and climbing by 9.5 bps for the week.