Stock Market, Janmashtami 2024: Is Trading On BSE, NSE Close On Monday, August 26? If No, Then What To Expect?

Indian stock market: With banks closed on the celebration of Krishna Janmashtami on August 26, 2024, is trading on BSE and NSE also closed as well? Find Out! This comes after Sensex and Nifty ended last week on a positive note with gains of nearly a per cent.

As per NSE and BSE data, the stock market will be open on August Monday, August 26, 2024. Also, the NSE clearing and settlement of capital market transactions will be open.

In August 2024, apart from weekend holidays that is Saturday and Sunday, the Indian stock market had only one special holiday and that was Independence Day on August 15, 2024. Rest of the weekdays, the market is operation as usual.

What to expect on August 26, 2024?

On August 26, the stock market is likely to witness slight gains with stock-specific action. The majority of experts are keeping a positive outlook on benchmarks like Nifty and Sensex. The key focus will shift to the upcoming US Federal Reserve policy where market participants are hoping for a rate cut.

Last week, on Friday, Wall Street witnessed massive rally with Dow Jones, S&P 500, and tech-heavy index Nasdaq Composite surging by 1-1.5%.

This is on the contrary that most of Asian stocks drifted down due to mixed Japanese inflation data and expectation of hawkish remarks from Bank of Japan. On the other hand, US stocks futures jumped in Asian trade.

Meanwhile, on August 23, Indian benchmarks Sensex and Nifty 50 ended largely unchanged on Friday. The Sensex inched up by a modest 33 points to close at 81,086, while the Nifty 50 managed a gain of just 12 points, closing at 24,823. Despite the minor advances, the market breadth favoured declines, indicating a lack of momentum in the overall market.

Overall, last week, Sensex surged by 578.40 points or 0.72%, while Nifty 50 jumped by 239.55 points or 0.97%. Accordingly, Nifty outperformed Sensex during the trading week that ended on August 23.

As per Reuters, the rally in U.S. stocks faces an important test this week (August 26-30), with earnings from chipmaking giant Nvidia, whose blistering run has powered markets throughout 2024.

Coming to Indian stock market, Shrey Jain Founder and CEO SAS Online - India's Deep Discount Broker said, "We recommend keeping a positive outlook on the Nifty, as long as it remains above the 24,500 level. For the Bank Nifty, following a phase of consolidation, there is potential for a short-term rise towards the 51,500-51,900 range, with a stop-loss advised at 50,400 for long positions."

Jain added, "On Monday, expect the markets to react to global cues in response to the US Fed's remarks."

Siddhartha Khemka, Head - of Retail Research, at Motilal Oswal Financial Services said, "Overall we expect the market to witness a gradual uptick with stock-specific action."

Market Weekly Outlook:

Ajit Mishra - SVP, of Research, Religare Broking said, that with no major events on the domestic front, attention will remain on global markets for direction. Market participants will first respond to the dovish remarks by the US Fed Chair at the Jackson Hole symposium. After a period of consolidation, US markets resumed their upward movement on Friday and seem poised to test record highs soon. Additionally, a weakening dollar and falling crude oil prices are added positive for our markets. Domestically, investors will keep an eye on economic data releases, including GDP figures and infrastructure output.

Given the favourable global environment, we expect the Nifty to overcome the resistance at 24,850 and aim for new record highs soon. However, sustained participation from the banking sector is needed to drive momentum and push towards the 25,500 level; otherwise, the upward move may be gradual. Traders should continue to adopt a "buy on dips" strategy unless the Nifty decisively falls below the 24,500 level. Besides banking, sectors like FMCG, auto, pharma, and selected metals appear promising, so trades should be aligned accordingly. Additionally, selective opportunities in the midcap and smallcap space can also be considered, Mishra added.