Stock Market Holiday: Trading In BSE, NSE To Remain Closed On Occasion of 77th Independence Day

Trading on stock exchanges BSE and NSE will be closed on Tuesday due to the celebration of the 77th Independence Day. Markets will be shut for equities, derivatives, currency and SLB segments. In the previous session, markets faced a roller-coaster session with Adani Group stocks dampening the mood, before ending with a slight upside. Sensex holds a little over 65,400 mark and Nifty 50 is near 19,430 levels.

BSE and NSE have notified investors that trading in all segments including equity, derivatives, currencies and SLB will be shut on August 15 as India celebrates its 77th year of independence. Also, trading on multi-commodity exchanges will be closed.

Also, banks will be closed across India on the occassion.

On Monday, Sensex ended at 65,401.92, up by 79.27 points or 0.12%, while Nifty 50 edged higher by 6.25 points or 0.03% to end at 19,434.55. India's volatility index ended at 4.10%. Bank Nifty shed over 108 points. IT stocks saved the day with Infosys shares emerging among top gainers. Buying in heavyweights like Reliance Industries and Hindustan Unilever further lifted the performance in the final minutes, offsetting a sharp selloff in Adani stocks.

Broad-based selling was seen across indices with BSE Midcap and Smallcap indexes slipping by 132.68 points and 177.40 points respectively on Monday. Metal stocks were worst hit as the index on BSE shed nearly 397 points, followed by BSE Consumer Durables and Bankex down by 215.95 points and 145.93 points respectively. On the contrary, the BSE IT index soared by 199.29 points.

Further, at the interbank forex report, the Indian rupee fell to near its 10-month low on August 14 and even crossed the 83 mark against the US dollar, owing to the strong greenback and losses across Asian peers. After hitting the day's low of 83.1525, the rupee ended at 82.95 per dollar compared to its previous session's print of 82.8450 per dollar.

Also, foreign institutional investors (FIIs) were net sellers with an outflow of Rs 2,324.23 crore, while domestic institutional investors (DIIs) invested Rs 1,460.90 crore in Indian stocks.

Talking about the market's performance on Monday, Vinod Nair, Head of Research at Geojit Financial Services said, "Following weak performances in Asian markets, the domestic indices commenced the day with a negative bias, prompted by discouraging domestic industrial data along with concerns over demand from China. However, the indices managed to recover from their initial losses, ending the day on a relatively neutral note. India's wholesale inflation persisted in negative territory, albeit moderating to -1.36%, as the decline in fuel prices was counterbalanced by higher food costs."

Overall, in 2023, the Indian stock market had a total of 15 holidays which is higher by 2 more than compared to last year.

On Wednesday, markets will resume their trading and will react to CPI inflation data. India's consumer price index (CPI) accelerated to 7.44% in July 2023, which is the highest level since April 2022, and also higher than expectations. The latest inflation print has breached RBI's upper tolerance limit of 6%, signaling the possibility of a rate hike in the upcoming policies.