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Eid-ul-adha 2024: Is the Indian market closed on Monday for Bakri Eid?

Stock Market Holiday: The Indian Stock Exchange will be closed for trading on Monday, June 17, on the occasion of Bakri Id. This closure includes all segments such as equity, derivatives and SLB segments. Normal trading will resume on Tuesday June 18.

Additionally, the Multi Commodity Exchange of India Limited (MCX) will remain closed for the morning session on June 17, but will reopen for the evening session from 5:00 p.m. to 11:30 p.m. or 11:55 p.m.

The Indian market has a total of 15 public holidays scheduled throughout the calendar year 2024. The remaining days include Muharram on July 17, Independence Day on August 15, Mahatma Gandhi's birthday on October 2, Diwali on November 1, Gurunanak Jayanti on November 15 and Christmas on December 25, when commercial activities will also be suspended.

Stock Markets Friday

On June 14, despite a tepid start, India's benchmark stock indices, Sensex and Nifty 50, closed the session higher, supported by gains in the automobile and consumer durable goods sectors. However, gains in information technology (IT) stocks weighed on the indices. The BSE Sensex rose 181.87 points or 0.24 per cent to close at 76,992.77, while the Nifty 50 ended at 23,465.60, up 66.70 points or 0.29 per cent.

In broader markets, the Nifty Midcap 100 and Nifty SmallCap 100 outperformed, closing up 1.05% and 0.8%, respectively. The India VIX, a measure of market volatility, closed 4.93% lower.

Vinod Nair, head of research at Geojit Financial Services, noted a temporary slowdown in market dynamics following the US Fed's hawkish remarks, reducing expectations of an immediate rate cut. Investors are now waiting for signals from the next Union Budget, anticipating a period of consolidation. There is a growing sense of prioritizing social initiatives, thereby boosting consumption-led actions.

Among the Nifty 50 stocks, 28 ended in the green, with Eicher Motors, Adani Ports, Mahindra & Mahindra, Shriram Finance and Titan Company leading the gains. Conversely, Tech Mahindra, Tata Consultancy Services, Wipro, HCL Technologies and Larsen & Toubro were among the top losers.

Sector-wise, the Nifty Auto, Consumer Durables, Real Estate, Metal, Oil & Gas, Financial Services and FMCG sectors closed higher, with gains ranging from 0.4% to 1.30%. In contrast, IT finished lower, while media closed flat for the day.

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Published: Jun 15, 2024, 09:12 AM IST

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