Stock Market Closed for Muharram: Key Q1 Results to be Announced Today
News Mania Desk/Agnibeena Ghosh/17th July 2024
The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), the two major stock exchanges in India, are closed today, Wednesday, July 17, in observance of Muharram. This market holiday affects trading across various segments, including stocks, equity derivatives, stock lending and borrowing (SLB), currency derivatives, and interest rate derivatives, as per the BSE announcement. Despite the trading halt, scheduled Q1FY25 (April–June quarter of the fiscal year 2024–2025) results will still be released as planned.
Today, significant firms such as Asian Paints Ltd, LTIMindtree Ltd, Hathway Cable & Datacom Ltd, and Elecon Engineering Company Ltd are set to announce their results for the June quarter. These announcements will proceed despite the stock market being closed for the day.
According to the BSE calendar, Muharram marks the tenth market holiday of 2024. The next market holidays include Independence Day on Thursday, August 15; Mahatma Gandhi Jayanti on Wednesday, October 2; Diwali on Friday, November 1; Gurunanak Jayanti on Friday, November 15; and Christmas on Wednesday, December 25.
Although stock trading is suspended today, the National Commodity Exchange (NCDEX) and the Multi Commodity Exchange (MCX) will be open for trading in the evening session. These exchanges will not operate during the morning hours (9:00 IST to 17:00 IST), resuming activity at 17:00 IST.
Yesterday, the domestic benchmark indices, Sensex and Nifty 50, continued their record-breaking streak for the third consecutive day. This upward trend was driven by buying in IT, telecom, and fast-moving consumer goods (FMCG) sectors, coupled with inflows from foreign institutional investors (FIIs).
The Sensex reached a new all-time high of 80,716.55, closing with a rise of 51.69 points or 0.06%. Throughout the day, it gained 233.44 points or 0.28%, peaking at 80,898.30. Similarly, the Nifty 50 closed at an all-time high of 24,613, up by 26.30 points or 0.11%. It rose by 74.55 points or 0.30% during the day, achieving a new record high of 24,661.25.
Market analysts attribute the optimism to strong cues from Wall Street, where the Dow Jones Industrial Average reached a record high of 40,351.10 on Monday night. Despite the bullish sentiment, the India VIX remained above 14 levels, indicating lingering concerns about market volatility. Broader markets marginally outperformed the benchmarks but stayed above the dotted lines.
In related news, the number of new demat accounts opened in June 2024 surged by 42 lakh, highlighting the increasing participation of retail investors in the Indian stock markets. This trend underscores the growing influence of retail investors in shaping market dynamics.
Today’s market holiday follows a series of milestones and significant activities in the stock market. The continued rise in benchmark indices reflects strong investor confidence, supported by positive corporate earnings and robust economic indicators. However, market participants remain cautious about potential volatility, as indicated by the elevated India VIX levels.
As the market resumes trading after the holiday, investors and analysts will closely monitor corporate earnings and macroeconomic data to gauge future market trends. The upcoming Q1 results from key companies will provide further insights into the financial health and performance of Indian businesses, setting the tone for the remainder of the fiscal year.
