Business
Indian Stock Markets Close on Account of Muharram, Setting New Heights Before Holiday
The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) will remain closed today in observance of Muharram, a significant festival in Islam. This closure encompasses the stock, equity derivative, SLB, currency derivatives, and interest rate derivatives segments. However, the ongoing Q1FY25 results announcements continue as scheduled, with firms like Hathway Cable & Datacom Ltd and Elecon Engineering Company Ltd expected to report.
According to the BSE calendar, Muharram marks the tenth market holiday of 2024, followed by upcoming holidays such as Independence Day, Mahatma Gandhi Jayanti, Diwali, Gurunanak Jayanti, and Christmas. These holidays provide traders and investors with scheduled breaks in the market activities.
On the trading front, both the National Commodity Exchange (NCDEX) and the Multi Commodity Exchange (MCX) will operate in the evening hours but remain closed during the morning shift. Trading will resume in the commodity market in the evening, allowing for continued trading opportunities for investors.
The domestic benchmark indexes, the Sensex and the Nifty 50, recently reached record highs propelled by buying in IT, telecom, and FMCG sectors, along with FII inflows. The Sensex hit 80,898 and the Nifty 50 reached 24,661 during the last trading session, maintaining the bullish trend.
Market analysts attribute the optimism in the Indian stock markets to strong cues from Wall Street, where the Dow Jones set a record high. Despite the positive sentiment, concerns regarding volatility persist as the India VIX remains above 14 levels, prompting caution among investors. Broader markets slightly outperformed the benchmarks, showcasing diverse trading trends.
As the markets close for Muharram, traders and investors await the subsequent trading sessions to assess the impact of the holiday break and external market factors. The record-breaking run and the resilience in the Indian stock market amidst global uncertainties highlight the investors’ confidence and the market’s stability in recent sessions.
