The Hindu : Business : Markets will function as usual today

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Wednesday, Aug 20, 2008
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Markets will function as usual today

Special Correspondent

MUMBAI: The nation-wide strike on Wednesday is likely to affect marginally normal trading in the cash and derivative segments of the capital market as nationalised banks are participating in the strike.

However, sources at major stock exchanges have claimed that clearing and settlement would not be affected.

Trade unions, representing various sectors, called for a nationwide strike against the policies of the UPA Government and this is expected to be one of the biggest ever general strike in recent times.

“Though nationalised banks are also part of the strike, clearing and settlement of trades will function as usual,” said a senior official of a major stock exchange who preferred anonymity. Banks in Mumbai, the commercial capital of the country, remained closed on Tuesday on account of Parsi New Year, and the strike call by the Left unions is expected to paralyse normal banking services. However, “inter-bank foreign exchange market will be functioning as treasury operations will not be affected by the strike,” said a top official of a nationalised bank.

All commodity markets, including bullion — spot and futures — will remain open.

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