Stock Market Holidays 2024: The festival of lights, Diwali is all set to commence on October 29, 2024, with the celebration of Dhanteras widely across India. While it will be an official public bank holiday across many cities of the country. Does it also mean that the stock market will be closed on Tuesday?
Stock Market Holiday On Tuesday?
As per the latest list of BSE and NSE for stock market holidays, there is no holiday on Tuesday, October 29, 2024, for Dhanteras. The only holiday for the Diwali festival is scheduled for November 1, 2024.
That being said, trading in equities, equity derivatives, SLB, currency, and commodities markets will be operating as normal on Tuesday.
Significance of Dhanteras? It is the first day that marks the festival of Diwali in most of India. Dhanteras is the worship of Dhanvantari. Dhanvantari, according to Hindu traditions, emerged during Samudra Manthana, holding a pot full of amrita (a nectar bestowing immortality) in one hand and the sacred text about Ayurveda in the other hand. He is considered to be the physician of the Devas. Dhanvantari is also considered to be an avatar of Vishnu, as per Wikipedia.
Stock Market On Monday:
Ahead of the Diwali festival, the Indian stock market traded higher with strong surges after a bearish last week. Sensex claimed above 80,350 mark, while Nifty 50 climbed over 24,440 levels.
According to Dr V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, a significant market trend during the recent days of a market correction is the flight to quality. While the Nifty corrected by 8.3% from the recent peak, the mid and small cap indices corrected by 9.8% and 9.3% respectively from their recent peaks. Actually the index movements conceal the carnage in the mid and smallcaps where the correction has been above 30% in dozens of stocks and even by more than 40% in some momentum stocks. It is important to know that many largecaps are steady in this volatile market.
Currently, Sensex jumped by 837.75 points or 1.06% to trade at 837.75, while Nifty surged by 237.10 points or 0.98% to perform at 24,417.90.
Going ahead, Vijayakumar said, the trend of flight to quality is likely to sustain given the good numbers from banking majors like HDFC Bank and ICICI Bank where valuations continue to be fair. Investors can profit from these polarised valuations.
He also added, the global market structure may turn favourable after the subdued Israeli strikes against Iran avoiding the Iranian oil fields which has resulted in a sharp drop in crude prices. The imminent US presidential elections and the uncertainty associated with that will continue to weigh on markets.
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