Stock Market Holiday: BSE Sensex, Nifty50 Trading Paused Today
The BSE Sensex and Nifty50 will not be trading today, Wednesday, July 17, as Indian equity markets observe Muharram, according to the BSE market holiday calendar. This closure applies to all segments, including equity, derivatives, and SLB segments.
Likewise, the Multi-Commodity Exchange (MCX) will observe closure during the morning session but will reopen for the evening session. Besides Muharram on July 17, the market will remain closed on several other dates in 2024, including Independence Day on August 15, Mahatma Gandhi Jayanti on October 2, Diwali on November 1, Gurunanak Jayanti on November 15, and Christmas on December 25, as reported.
The exchanges retain the authority to alter any of the holidays mentioned above, and they will issue a separate circular in advance to inform the public of any changes. During Tuesday's trading session, Indian benchmark equity indices surged to record highs, buoyed by gains in the information technology sector amid increasing anticipation of an early rate cut, potentially in September.
The S&P BSE Sensex achieved a historic closing level of 80,716.55, while the broader Nifty also concluded the day at a new all-time high of 24,613. Leading the gains among Sensex constituents were Hindustan Unilever, Bharti Airtel, Tech Mahindra, Infosys, Mahindra & Mahindra, ICICI Bank, ITC, and Asian Paints. Conversely, Kotak Mahindra Bank, Reliance Industries, NTPC, UltraTech Cement, and Power Grid were among those that lagged behind.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, "In the next few days in the run up to the Budget, the market is likely to anticipate the Budget proposals and respond. Even though Budget anticipations are speculative, this Budget will be growth oriented and at the same time fiscally prudent". Vijayakumar also mentioned that the finance minister has significant scope for fiscal consolidation, supported by tax buoyancy and a substantial RBI dividend, which are expected to bolster market confidence.
