Stock Market Holiday 2024: Raksha Bandhan Impact on Indian Markets
The Indian stock market is set to remain operational on Monday, August 19, 2024, despite the auspicious festival of Raksha Bandhan. This decision has left many investors and market enthusiasts uncertain about the market’s status for the day. Raksha Bandhan, also known as Rakhi, is a significant festival in India that celebrates the bond between brothers and sisters. The festival typically falls in the month of Shravan, which usually coincides with August.
Stock Market Status on Raksha Bandhan
The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) will not observe a holiday on August 19, 2024. This decision is based on the fact that there is only one national holiday in August, which was on August 15, 2024, for Independence Day. The next trading holiday is scheduled for October 2, 2024, which marks Mahatma Gandhi Jayanti. Therefore, the Indian stock market will remain open on Monday, August 19, 2024, during its regular trading hours.
Upcoming Stock Market Holidays
The stock market will have several other holidays throughout the year. After the October 2 closure for Gandhi Jayanti, the market will also be closed on November 1, 2024, for Diwali/Laxmi Pujan. Additionally, the market will be closed on November 15, 2024, for Guru Nanak Jayanti, and on December 25, 2024, for Christmas.
How to Check Stock Market Holidays
For those who wish to avoid any confusion, the official websites of BSE and NSE provide a comprehensive list of stock market holidays. Here are the steps to check the list:
1. Open the BSE website (bseindia.com).
2. Find the top navigation menu and click on the ‘Trading Holidays’ option.
3. A new page will open displaying the complete list of stock market holidays for 2024.
4. Review the list of holidays to see when the market will be closed, and if needed, you can download the list for future reference.
Market Performance Last Week
The Indian stock market ended on a positive note last week, driven by renewed optimism about a potential rate cut by the US Federal Reserve as fears of a US recession eased. The Nifty 50 index surged by 396 points to close at 24,540, while the BSE Sensex climbed 1,330 points to finish at 80,436. The Bank Nifty index also gained 788 points, ending at 50,515. In the broader market, the BSE Small-cap index rose by 1.70%, and the Mid-cap index increased by 1.80% during Friday’s trading session. All sectors finished in the green, with the IT and realty sectors leading the gains, each posting over 2% intraday increases.
Commodity Markets Trading on Raksha Bandhan
Commodity market trading will also be operational for the entire day on August 19. This includes both the Commodity Derivatives Segment and Electronic Gold Receipts (EGR) Segment on the BSE, as well as all bullion, metals, and energy derivatives trading on the Multi Commodity Exchange of India Limited (MCX), for both the morning and evening sessions.
Conclusion
The Indian stock market will remain open on Raksha Bandhan, August 19, 2024, providing a regular trading session for investors. This decision is based on the absence of any national holidays in August, except for Independence Day on August 15. Investors can check the official websites of BSE and NSE for a comprehensive list of stock market holidays in 2024.