Eid-ul-adha 2024: Is the Indian market shut on Monday for Bakri Eid?
Indian stock market closed on Monday, June 17 for Bakri Id, with normal trading resuming on June 18. There's a total of 15 market holidays in 2024. Meanwhile, Sensex and Nifty 50 closed higher on Friday, June 14, led by auto and consumer durable sectors.
Stock Market Holiday: The Indian stock market will be closed for trading on Monday, June 17, in observance of Bakri Id. This closure includes all segments such as equity, derivatives, and SLB segments. Normal trading will resume on Tuesday, June 18.
Additionally, the Multi Commodity Exchange of India Limited (MCX) will remain closed for the morning session on June 17 but will reopen for the evening session from 5:00 PM to either 11:30 PM or 11:55 PM.
The Indian market has a total of 15 holidays scheduled throughout the calendar year 2024. The ones remaining include Muharram on July 17, Independence Day on August 15, Mahatma Gandhi's birthday on October 2, Diwali on November 1, Gurunanak Jayanti on November 15, and Christmas on December 25, when trading activities will also be suspended.
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Stock markets on Friday
On June 14, despite a subdued start, India's benchmark equity indices, Sensex and Nifty 50, closed the session higher, buoyed by gains in the auto and consumer durable sectors. However, profit booking in information technology (IT) stocks weighed on the indices. The BSE Sensex rose 181.87 points or 0.24% to close at 76,992.77, while the Nifty 50 ended at 23,465.60, up 66.70 points or 0.29%.
In the broader markets, the Nifty Midcap 100 and Nifty SmallCap 100 outperformed, closing 1.05% and 0.8% higher, respectively. The India VIX, a measure of market volatility, closed 4.93% lower.
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Vinod Nair, Head of Research at Geojit Financial Services, noted a temporary slowdown in market momentum following hawkish remarks from the US Fed, reducing expectations of an immediate rate cut. Investors are now awaiting cues from the upcoming union budget, anticipating a period of consolidation. There is growing sentiment towards prioritizing welfare initiatives, boosting stocks driven by consumption.
Among the Nifty 50 stocks, 28 ended in the green, with Eicher Motors, Adani Ports, Mahindra & Mahindra, Shriram Finance, and Titan Company leading the gains. Conversely, Tech Mahindra, Tata Consultancy Services, Wipro, HCL Technologies, and Larsen & Toubro were among the top losers.
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Sector-wise, Nifty Auto, Consumer Durables, Realty, Metal, Oil & Gas, Financial Services, and FMCG sectors closed higher, with gains ranging from 0.4% to 1.30%. In contrast, IT ended lower, while Media closed flat for the day.