The Indian stock market is getting ready for a shorter trading week in March 2024, as two major holidays will hamper the usual flow of trading activity. As per the official list of stock market holidays 2024 released by the Bombay Stock Exchange (BSE), trading will be closed on Monday, March 25, 2024, in honour of the Holi festival. The market will next close on Friday, March 29, 2024, in observance of Good Friday. Consequently, instead of the customary five-week sessions, investors will experience a reduced trading week consisting of just three sessions from Tuesday through Thursday.
The list of stock market holidays for 2024, accessible from the BSE website, defines the brief suspension of trading activities in various categories. Trading in the Equity, Equity Derivative, and SLB sections will be suspended on Holi and Good Friday. Additionally, throughout these holidays, operations in the Currency Derivatives Segments will likewise be suspended.
As the stock market relaxes, focus shifts to the commodities market. There will be a brief suspension on Monday, March 25, 2024, from 9:00 AM to 5:00 PM on the Multi Commodity Exchange (MCX) and the National Commodity Exchange (NCDEX). But trading will start up again during the evening shift at 5:00 PM. On Good Friday, on the other hand, trading will be closed for the whole session, indicating that there will be no activity in the Indian commodity market on Friday of the following week.
In the future, there will be two significant stock market closures in April 2024, extending the holidays. The Indian stock market will celebrate Eid-Ul-Fitr, also known as Ramzan Eid, on April 11, 2024, in observance of the country’s diverse cultural heritage. Thus, in celebration of Ram Navami, the NSE and BSE will be closed on April 17, 2024.
Last week’s trading session noticed domestic equities line up with a global rally against the context of these upcoming holidays, as the US and UK central banks decided to maintain unchanged rates. Following a quiet beginning, the Nifty 50 index jumped higher, closing at 22097 levels with gains of 85 points (+0.4%). Auto, Pharma, and Realty were the top gainers as a number of sectors ended the day in the green, reflecting the overall sentiment of the market. However, selling pressure on the IT sector increased after US technology major Accenture revised down its FY24 revenue forecast. Accenture’s initial estimate of 2 percent to 5 percent for full-year revenue growth was revised to 1 percent to 3 percent.
As investors prepare for the upcoming shorter trading week throughout holiday cheer, financial markets remain influenced by both domestic and global factors. With uncertainty expected to continue, stakeholders must remain alert while navigating the ups and downs of market sentiment and economic indicators.
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