Markets across the globe began the day under a mix of extended optimism and seasonal pause. But for India, today was not a trading day. Let’s walk through what unfolded, the reasons behind inactivity in domestic markets, and what global cues to watch going forward.
🛑 Why Indian Markets Didn’t Trade Today
The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) remained closed on October 2, 2025, in observance of Mahatma Gandhi Jayanti and Dussehra. (Angel One)
This holiday applied to equity, equity derivatives, and even SLB (Securities Lending & Borrowing) segments. (mint)
So, while domestic equity markets remained static today, the global markets continued to react to macro developments and policy dynamics.
🌍 Global & U.S. Markets – What Moved
Even as India’s markets slept, traders elsewhere stayed active. Here are key dynamics that shaped sentiment:
1. U.S. Stocks Hold Up Amid Shutdown Pressure
Despite the ongoing U.S. government shutdown, equities posted gains:
The Dow Jones rose ~0.09%.
S&P 500 gained ~0.34%.
Nasdaq rallied ~0.42%. (Reuters)
The healthcare sector provided a notable boost, helping index momentum. (Reuters)
Investors shrugged off weak private payrolls (ADP reported a loss of 32,000 jobs) and focused on expectations for Fed rate cuts. (Reuters)
2. Gold & Safe-Haven Assets Shine
Gold hit a record high as investors sought shelter amid uncertainty. (Reuters)
Meanwhile, the U.S. dollar saw modest gains as the Supreme Court decision to allow Fed Governor Lisa Cook to remain in office temporarily alleviated some concerns over central-bank independence. (Reuters)
3. Global Cues & Macros Matter More Now
With key U.S. data releases delayed due to the shutdown, markets are focusing on:
Court rulings and institutional stability (e.g. Fed governance) (Reuters)
Central bank commentary and policy shifts
Geopolitical events and trade dynamics
🔍 Key Themes & Watchpoints
Fed’s Rate Path: With weak data and macro uncertainty, markets are increasingly pricing in a 25 basis point cut at the October or November FOMC meeting.
Valuation Sensitivity: Equities are more vulnerable to surprises given stretched multiples.
Liquidity & Volatility: With regulatory bodies furloughed or partially closed (SEC, CFTC), market functioning could see frictions. (Reuters)
India’s Next Move: Though markets were closed today, investors will watch foreign flows, RBI commentary, and how global risk sentiment translates when trading resumes.
🔮 Outlook & What to Track
When Indian markets reopen tomorrow, expect opening volatility. Key drivers to monitor:
Global risk sentiment (U.S. stocks, gold, dollar)
Any news on the U.S. shutdown or legislative resolution
Central bank signals—especially from the Fed and RBI
Foreign institutional flows to/from India
Final Thought:
October 2, 2025, may have been silent for Indian markets, but globally the drumbeat of policy, risk, and macro surprises only got louder. Traders abroad were busy—so when Dalal Street reopens, expect momentum, gaps, and plenty to price in.
Disclaimer: This is general information only and not financial advice. For decisions on investments or trading, please consult a licensed financial advisor.
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