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Bourses closed on Thursday
The stock exchanges were closed today and the RBI also declared holidays under the Negotiable Instruments Act. Due to this reason, banks, which were closed on Wednesday, would remain closed today also.

This is the first time that the markets will be closed, a decision taken on the advice of the Securities and Exchanges Board of India (Sebi), on account of natural calamity. Thursday's July expiry in the futures and options market is now postponed to Friday.

The Konkan region of Maharashtra bore the brunt of the highest-ever rainfall of 37 inches recorded in a single day in India. The heaviest single day rainfall earlier recorded was 33 inches at Cherrapunji in Meghalaya on July 12, 1910.

The stock exchanges kept trading open yesterday after an early morning consultation with Sebi, but the pay-in and pay-out settlement for Wednesday's trading was postponed to Friday.
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Rains fail to cool Sensex
Mumbai: Notwithstanding the deluge that affected large parts of Mumbai and Maharashtra on Tuesday and Wednesday frontline stocks' prices continued to soar pushing the Sensex past the 7,600-mark.

However, the turnover was low as several brokers in suburban Mumbai could not open their trading terminals due to power failure.

The BSE and the NSE have announced that stock markets would remain closed on Thursday due to unscheduled consecutive banking holiday and consequent difficulties in moving funds across banks for accumulated settlements. The derivative contract expiry scheduled for Thursday will now be on Friday.

The Sensex ended the day at 7,605.03, up 52.26 points (0.69 per cent), while the NSE's S&P CNX Nifty closed at 2,319.10, up 15.95 points (0.69 per cent). There was some selling in mid-cap and small-cap stocks too but it was not as high as on Tuesday.

The Sensex was driven by a rally in banking stocks mainly because the RBI left interest rates unchanged in its first quarterly review of the monetary policy. Steady buying continued in most of the counters, impressive Q1 numbers by Reliance fuelled the rally.

17 Sensex stocks advanced, while 12 declined and one remained unchanged. Advancing shares accounted for a volume of 73 lakh amounting to Rs452.82 crore and declining shares registered a volume of 46 lakh for Rs190.98 crore.

Reliance, which zoomed past Rs 700 in intra-day trades on strong Q1 numbers, finally ended with a per cent gain (Rs7) at Rs698. The counter clocked a volume of over 32.57 lakh on the BSE.

Maruti moved up 2.81 per cent (Rs13) to Rs 482, and Tata Motors was up a per cent (Rs3) at Rs479. Tisco, which reported a 27 per cent jump in its Q1 earnings report, however, dropped 3.64 per cent (Rs14) to Rs375.
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