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Eid-al-Adha 2024: Stock market to remain closed tomorrow for Bakrid festival

Eid-al-Adha 2024: Bakra Eid is a holy occasion also called the 'festival of sacrifice' and is celebrated on the 10th day of Dhu al-Hijjah, the 12th month of the Islamic or lunar calendar. It marks the end of the annual Hajj pilgrimage. The festival is an occasion of joy and peace.

Edited By: Sheenu Sharma @20sheenu Mumbai Published on: June 16, 2024 16:38 IST
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Image Source : PTI (FILE) Eid-al-Adha 2024: Stock market to remain closed tomorrow for Bakrid festival.

Eid-al-Adha 2024: The stock market will be closed for trading on Monday (June 17) on the auspicious occasion of Bakri Eid. According to the National Stock Exchange's (NSE) official website, the trading is set to resume on Tuesday (June 18). 

The market will be closed on Monday in all segments, including stocks, derivatives, and SLBs. Additionally, the Multi Commodity Exchange of India Limited (MCX) will be closed for the morning session on June 17 but will reopen in the evening from 5:00 PM until either 11:30 pm or 11:55 pm.

Last week, the Nifty-50 Index and BSE Sensex saw marginal gains of 0.5 per cent each, reaching new all-time highs as market expectations became more bullish. The mid-cap index outperformed with a gain of around 3.6 per cent, and the small-cap index rose by 5 per cent, surpassing the performance of large-cap stocks. This improvement in market sentiment suggests that the market has stabilised following the Lok Sabha elections.

According to market experts, better-than-expected fourth-quarter FY24 earnings in certain key sectors helped sustain this momentum. On the economic front, May's Consumer Price Index (CPI) inflation was 4.75 per cent, close to April's figure of 4.83 per cent, while food inflation stood at 8.7 per cent. Most sectoral indices experienced weekly gains, with Capital Goods, Consumer Durables, Oil and Gas, Auto, Metals, Realty, and Power sectors rising between 1.5 per cent and 5 per cent. The Bank Nifty saw only marginal gains during the week. Conversely, the IT and FMCG indices each declined by around 1 per cent.

"Meanwhile, both FPIs and DIIs were net buyers in the entire week. Going forward, D-street will focus on the macro trends, inflation, and global situation including geo-political concerns," said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

In Asia, the yen weakened past the 158 per dollar mark after the Bank of Japan announced it would detail a plan for bond purchases at its July meeting, delaying any reductions in buying until at least then. The Bank of Japan maintained its benchmark rate within a range of 0 per cent to 0.1 per cent. 

(With agencies inputs) 

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