Stock Market Holidays: Trading on BSE and NSE are up for a long weekend holidays later in this week. To be precisely, trading will be closed for three consecutive days, starting from November 15 to November 17. One of the main reasons for special holidays in the market is due to a key celebration, festival or occasion. This time it will be Guru Nanak Jayanti.
November 15, 2024:
As per BSE and NSE notification, the stock market will be closed on Friday, November 15, due to the celebration of Prakash Gurpurb Sri Guru Nanak Dev in India.
Guru Nanak Gurpurab, also known as Guru Nanak Prakash Utsav, celebrates the birth of the first Sikh guru, Guru Nanak. One of the most celebrated and important Sikh gurus and the founder of Sikhism, Guru Nanak is highly revered by the Sikh community. This is one of the most sacred festivals in Sikhism, or Sikhi.[8] The festivities in the Sikh religion revolve around the anniversaries of the 10 Sikh Gurus. These Gurus were responsible for shaping the beliefs of the Sikhs. Their birthdays, known as Gurpurab, are occasions for celebration and prayer among the Sikhs, as per Wikipedia.
On this day, trading in equities, derivatives, equity derivatives, currency, commodities and bond markets will be closed.
November 16 and November 17:
Both November 16 and November 17 fall on Saturday and Sunday, which is why trading in the stock market will be closed. Weekends are default holidays for Indian stock exchanges.
Stock Market Weekly Outlook:
The Indian stock market closed in the red for the third consecutive session on November 11, albeit with a reduced pace of selling compared to earlier sessions. Although the day started on a downtrend, both the Nifty 50 and Sensex attempted a brief recovery, each surging nearly 1% during the first half of the trading session. However, a volatile mentality prevailed, causing the indices to reverse gains and end lower, reflecting an overarching sentiment of caution amid a backdrop of softening second-quarter earnings and domestic economic pressures. The day saw the Nifty 50 closing slightly lower, shedding 0.03% to finish at 24,141 points, while the S&P BSE Sensex slipped by 52.51 points, or 0.07%, ending at 79,433.
According to Vinod Nair, Head of Research, Geojit Financial Services, the Indian market continues to experience consolidation due to heightened selling pressure from FIIs, driven by concerns over weak corporate earnings and premium valuations. This broad-based correction is particularly evident in sectors with excessive valuations. Additionally, the anticipated slowdown in domestic Q2 GDP growth has further dampened market sentiment. Conversely, the appealing valuations of other Asian peers and ongoing stimulus measures by China are also contributing to the underperformance of the national market. China has now announced a new debt refinancing plan with a raising of the debt ceiling by 6 trillion yuan from 29.52 trillion yuan aimed at easing the local government's fiscal pressures.
Nair added that the recent rebound in India's domestic manufacturing activity is a positive sign. This year government spending is expected to be back-ended due to general elections this year, so there is a leading expectation of improved corporate earnings in H2FY25. The festive season in Q3 is likely to revive consumption, which should support market sentiment and will aid find a floor in the near future.
On the global front, Nair said, the conclusion of the US elections and a strong Republican majority have reduced political uncertainty, providing relief to global markets. The FED's recent 25 bps interest rate cut, which was in line with expectations, also offers some support. For the upcoming week, key economic data points to watch include the Index of Industrial Production (IIP) and inflation. Consensus expects an increase in inflation in the short-term and an expansion in IIP. The market will continue to be influenced by Q2 earnings, Trumponomic policies, and actions by FIIs. The US market is expected to outperform the rest of the market in the short to medium-term.
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