Stock markets closed for Ram Navami amid volatile week in equity markets
By Team Asianet Newsable | First Published Apr 17, 2024, 10:03 AM ISTWhile the stock market remains closed for the entire day, the Multi-Commodity Exchange follows a similar pattern, with a closure for the first half and resuming trading in the evening from 5:00 pm onwards. However, trade settlements will remain suspended for the day.
The Indian stock exchanges are taking a break on Wednesday (April 17) from their usual hustle and bustle in observance of Ram Navami, a significant Hindu festival celebrating the birth of Lord Rama. This pause extends across all segments of the market, including derivatives and SLB segments.
While the stock market remains closed for the entire day, the Multi-Commodity Exchange follows a similar pattern, with a closure for the first half and resuming trading in the evening from 5:00 pm onwards. However, trade settlements will remain suspended for the day.
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This hiatus is one of the 14 holidays marked on the market calendar for the year 2024. Other upcoming holidays include Labour Day and Maharashtra Day on May 1, Bakri Id on June 17, Muharram on July 17, and Independence Day on August 15, among others.
The market break comes amidst a recent downturn attributed to weak global cues and escalating geopolitical tensions in the Middle East. Analysts hope for a potential rebound as trading resumes on Thursday, although the trajectory remains uncertain due to ongoing global challenges.
Factors contributing to the current market downturn include foreign fund outflows and a spike in Brent crude oil prices, despite a robust rally in recent times. Investors are advised to remain cautious amid these fluctuations in the market and stay updated on developments as trading activities resume post the holiday.
Ram Navami 2024: Cultural to spiritual, the importance of this day
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