BUSINESS

Stock Market Holiday: Sensex and Nifty Will Be Closed Today in Observance of Ram Navmi

Due to Ram Navami, the domestic financial markets are closed on Wednesday. The BSE website states that on Wednesday, the currency, SLB, equities, and equity derivatives sectors would all be closed. Opening day for the market is Thursday, April 18.

On Wednesday, the Multi Commodity Exchange (MCX) will not be open.

On the other hand, the Sensex’s commodities derivatives market will begin trading on April 17 at 5:00 p.m.

The credits from sales of option positions on April 16 and gains from trades or positions in commodity derivatives on April 16 will not be included in the commodities account balance on April 17 due to the fact that April 16 is also a settlement holiday.

Indians commemorate Lord Ram’s birthday on Ram Navami, and on this auspicious day, followers conduct a day-long fast.

Following the Ram Navami holiday in 2024, there will be nine other holidays (for a total of fifteen holidays in 2024). After Ram Navami, the following holiday is Maharashtra Day, which falls on May 1.

In contrast, the present calendar year 2024 has 19 holidays for the currency derivatives divisions. There are ten more holidays remaining, except Ram Navami.

Markets will be closed on May 1, Maharashtra Day, Bakri Id, July 17, Muharram, July 17, August 15, Independence Day, October 2, Mahatma Gandhi, November 1, Diwali, November 15, Gurunanak Jayanti, and December 25, 2024.

On November 1st, there will be a special muhurat trading in honor of Diwali. A supplementary circular will be published in advance for any holiday that the exchanges decide to amend.

In the meantime, Monday’s hefty selling on the benchmark Sensex and Nifty extended the three-day decline in local stock markets, which were hit by negative global trends and worries over growing Middle East tensions. Investor sentiment was also damaged by the outflow of foreign funds.

The likelihood of a short-term rate decrease declining, according to analysts, increased the selling pressure.

Stronger-than-expected US retail sales raised fears that the US Federal Reserve would postpone rate reductions, which in turn caused the dollar index and US bond rates to rise sharply.

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