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Indian Stock Exchanges Closed for Gandhi Jayanti Observance
The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), India’s premier stock exchanges, will remain closed today, October 2, in observance of Gandhi Jayanti. This national holiday commemorates the birth of Mohandas Karamchand Gandhi, a leader of India’s independence movement and an advocate of non-violence.
All trading activities, including derivatives, equities, and securities lending and borrowing (SLBs) on these exchanges, are suspended for the day. The Multi Commodity Exchange (MCX) will also remain closed on October 2, affecting both trading sessions.
Trading on the NSE and BSE is scheduled to resume on October 3. On the trading day prior to the holiday, the Indian stock market saw a downturn, with the Sensex declining by 33.49 points, or 0.04 percent, to settle at 84,266.29. Concurrently, the Nifty index dropped by 13.95 points, closing at 25,796.90. This decline continued a three-day trend of losses for the market, attributed to a widening current account deficit and tepid manufacturing data.
Top performers on the Nifty included Tech Mahindra, M&M, Britannia Industries, Adani Enterprises, and Infosys, while IndusInd Bank, ONGC, Asian Paints, Bajaj Auto, and Titan Company were the biggest losers. Sector-wise, media, auto, and IT sectors showed gains, while the telecom, power, FMCG, oil and gas, and realty sectors faced declines. Notably, the BSE Midcap and Smallcap indices registered increases of 0.3 percent and 0.5 percent, respectively.
Aditya Gaggar, Director of Progressive Shares, noted, “Indian equities started the session on a strong note but higher levels did not last for long, erasing all gains. In the non-directional trend, the Index oscillated in a thin range and finally ended the session at 25,796.90 with a loss of 13.95 points.”
Looking ahead, market experts indicate a potential bullish divergence if the Nifty can convincingly move above 25,910, with the momentum possibly extending to 26,000. Conversely, a break below 25,750 could drag the index lower to 25,575.
On another note, the Indian rupee closed marginally lower at 83.82 per US dollar on the last trading day before the holiday, compared to 83.80 previously. This slight depreciation adds to the concerns about economic indicators impacting the market.
The Indian stock exchanges will observe additional holidays later this year, including Diwali on November 1, Guru Nanak Jayanti on November 15, and Christmas on December 25. A special Muhurat trading session will be held on November 1 to coincide with Diwali and the start of Samvat 2081, the new Hindu calendar year, allowing for what is considered an auspicious trading period.
