Stock Market Holiday 2024: There is public holiday in many regions of India, especially Maharashtra who shifted the holiday of Eid-e-Milad 2024 to September 18 from September 16. Banks, schools and government offices will be closed accordingly in cities. However, does this apply to the Indian stock market as well? Will trading on BSE and NSE be closed on Wednesday?
Stock Market Open Or Closed On September 18?
The Maharashtra government has declared September 18, 2024, as a public holiday under Section 25 of the Negotiable Instruments Act, of 1881. The public holiday on September 16, 2024, declared earlier has been cancelled.
However, despite the public holiday especially in Mumbai, the headquarters of BSE and NSE, trading in the Indian stock market will continue as normal.
On September 18, trading in equity, equity derivatives, SLB, currency and currency derivatives segments will be opened on BSE and NSE.
However, not everything related to capital market instruments will be available for trading on Wednesday.
Due to the change in public holiday for Eid-E-Milad, RBI has announced that there will be no transactions and settlements in Government securities, foreign exchange, money markets and rupee interest rate derivatives on September 18, 2024. Settlement of all outstanding transactions due on September 18, 2024 (Wednesday) will get postponed to the next working day, i.e., September 19, 2024 (Thursday).
It also means the Government securities market, foreign exchange market, money market and rupee interest rate derivatives market will now be operational on September 16, 2024 (Monday).
Additionally, the settlement of secondary market transactions in Government securities, foreign exchange market, money market and rupee interest rate derivatives market which are due on September 17, 2024, will continue to be on the same day, i.e., September 17, 2024 (Tuesday).
Stock Market Outlook On September 18:
In the previous session, BSE Sensex ended the day with a gain of 91 points to 83,079 and Nifty 50 soared 34 points to 25,418 on Tuesday (September 17, 2024). Nifty Bank rallied 35 points to 52,188 and Nifty Midcap slipped 79 points to 60,180.
According to Prashanth Tapse, Senior VP (Research), Mehta Equities, the Range-bound session continued for a second straight session ahead of a key US Fed policy meeting decision on Wednesday. Also, investor participation was thin on account of Ananta Chaturdashi, and hence buying was seen in select frontline stocks. Besides rate cut hopes, the Fed chief's comment on the US economy and inflation will be key things to look for as it will give some indication of the future rate cut prospects.
Also, Vinod Nair, Head of Research, at Geojit Financial Services said, although a 25-bps cut is largely factored in, the market remains attuned to the FED's comments on the health of the economy and the future trajectory of rate cuts. Further, robust institutional flows continued to bolster the domestic market. While the overall trend remained positive, there was notable buying interest in large-cap stocks, particularly in sectors such as IT, FMCG, and private banks.
Technically, Shrikant Chouhan, Head of Equity Research, Kotak Securities said, "After a muted open entire day the market traded above 25350/82900. A positive consolidation on intraday charts indicates a further uptrend from the current levels. For the trend-following traders now, 25350/82900 and 25300/82700 would act as a key support zone. As long as the market is trading above the same, the bullish texture is likely to continue. On the higher side, it could move up to 25550-25650/83400-83800. On the flip side, below 25300/82700 the sentiment could change. Below the same, we could expect one quick correction till 25225-25200/82400-82200."
To investors, Ajit Mishra - SVP, Research, Religare Broking said, "The recent market action suggests that participants are in a wait-and-watch mode ahead of the US Fed meeting, although rotational buying in large-cap stocks is maintaining a positive tone. We recommend continuing with a "buy on dips" strategy, targeting an upside of 25,550 in the Nifty. Additionally, selective sectors like banking, financials, realty, and IT are presenting stock-specific buying opportunities so plan the trades accordingly."
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