India's currency, debt and equity and commodity markets are closed on Thursday on account of Muharram. Trading will resume on Friday.
On Wednesday, the S&P BSE Sensex ended at 37,121, down 169 points while the broader Nifty50 index settled at 11,234, down 45 points.
HDFC Asset Management Company (down over 8 per cent) and Reliance Nippon Life Asset Management (down over 11 per cent) lost ground on Wednesday, a day after the capital markets regulator Sebi announced major changes to the fee structure for the Rs 25-trillion mutual fund (MF) industry, a decision that will hit the profits of asset management companies (AMCs) but result in savings for investors. The regulator capped the so-called total expense ratio for fund houses with equity assets up to Rs 500 billion at 1.05 per cent, down from as much as 1.75 per cent charged earlier.
Global Markets
Asian stocks rose in early trade on Thursday following a second day of gains on global share markets amid easing investor concern over the impact from the U.S.-China trade war, but markets remained cautious.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.05 per cent in early trade in Asia, taking support from Wall Street overnight.
Japan’s Nikkei stock index was 0.2 per cent higher, while Australian shares eased 0.3 per cent.
(with Reuters inputs)