Stock Market Holiday: Is May 1st, Maharashtra Day, a closed day on the stock market?
Due to Maharashtra Day, the Indian stock market will be closed on May 1. May 1, Maharashtra Day, which marks the anniversary of the state of Maharashtra’s creation on May 1, 1960, will be one of the two stock market holidays. This took place after the Indian states’ linguistic reorganization.
The morning session, which runs from 9 a.m. to 5 p.m., will see the commodities derivatives sector stay closed, while the evening session will continue to operate from 5 p.m. to 11:55 p.m.
On Thursday, May 2, trading on the NSE and BSE will restart.
May 20 will be the NSE and BSE’s second holiday in May. Due to the Lok Sabha Elections that day, which will take place in all six Lok Sabha seats in Mumbai in accordance with the fifth phase of the seven-phase voting procedure, this holiday will be observed.
The market reversed all of its intraday gains on April 30 after a very tumultuous session, with selling seen in the IT, metal, media, oil & gas, and media names. The market closed negative.
The Nifty was down 38.60 points, or 0.17 percent, at 22,604.80, while the Sensex was down 188.50 points, or 0.25 percent, at 74,482.78, at the closing.
On the Nifty, the biggest gainers were M&M, Power Grid Corporation, Shriram Finance, Hero MotoCorp, and Bajaj Auto; the top losers were Tech Mahindra, BPCL, JSW Steel, HCL Technologies, and Sun Pharma.
IT, metal, media, oil & gas, and healthcare were among the sectors that had declines of 0.4–1%, while real estate, power, and automobiles saw increases of more than 1% apiece.
The BSE midcap index reached a new high and finished 0.5 percent higher, while the smallcap index finished flat. The larger indices did better than the benchmarks.
The Nifty saw selling pressure as it ran across resistance close to the previous swing high, which led to a shaky close. The fact that other indicators like the 50-day and 20-day Simple Moving Averages (SMAs) are below the index value suggests that the current upward trend is still in place. A bullish crossing is also indicated by the Relative Strength Index (RSI), according to Rupak De, Senior Technical Analyst at LKP Securities.
“Unless it breaks above the all-time high of 22783, the headline index’s movement may continue sideways over the next few days. The index may drop further below the immediate support level of 22500 on the negative, the speaker said.
