Last Updated: March 07, 2023, 09:29 IST
Nifty and Sensex will stay closed on Tuesday, March 7 for Holi. There might be no motion on the bourses on the event of Holi as it’s a nationwide vacation. As per the BSE, the Equity Segment, Equity Derivative Segment and SLB Segment in addition to the Currency Derivatives Segment and Interest Rate Derivatives segments will stay shut on March 7.
India’s first listed change, Multi Commodity Exchange of India Limited (MCX) will even stay closed for buying and selling within the morning session on March 7. It will resume buying and selling within the night session from 5 pm to 11:30/11:55 pm.
As for the Commodity Derivative Segment, the morning session might be closed, whereas the night session might be open.
Traders have been confused relating to the vacation because the pageant of colors might be celebrated on Wednesday, March 8 in Delhi and different components of the nation. For central authorities staff, March 8 has been declared as a public vacation relevant for central administrative places of work positioned in Delhi/ New Delhi. Banks are additionally closed on the identical day.
With market vacation falling on March 7 and a few components of India celebrating it on the subsequent day, there have been doubts about whether or not the markets would see a quantity dip. However, consultants dominated out such a situation.
“Holi being in the course of the week, a major influence is much less possible. The market is more likely to acknowledge the truth that the restoration push is unfolding, after a sustained interval of lull and gloom, and the important thing occasion dangers that await within the latter a part of the month,” said Anand James, Chief Market Strategist at Geojit Financial Services.
James said that a mid-week break will hasten time decay and would affect the flow for options traders, for the March 9, 2023 expiry.
Apart from Holi, there’s one more holiday in the month of March, ie, Ram Navami which is falling on Thursday, March 30, excluding weekends. In total, the domestic stock market will stay closed for 10 days including Saturdays and Sundays in March 2023.
Holi is celebrated across the nation as it is considered the victory of good over evil. The festival is also known as Holika Dahan. According to the scriptures, Prahalad refused to accept the orders of his father Hiranyakashyapu and kept praying for Lord Vishnu, Hiranyakashyapu with help of her sister Hollika planned of killing Prahalad. Holika took Prahalad in her lap and sat in a bonfire as she had immunity to fire. Even after that, she burned alive while Prahlad was unaffected. Hence, ‘Holika Dahan’ is celebrated a day before Holi.
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