New Delhi: Indian stock exchanges will be closed on Tuesday for Holi, even as parts of the country will celebrate the festival on Wednesday (March 4). The holiday has triggered some confusion among traders, with many noting that Holika Dahan fell late on March 2 and Holi will be marked across several states on March 4.
Both the National Stock Exchange and the Bombay Stock Exchange have declared a full trading holiday today (March 3). There will be no activity in the equity, derivatives and securities lending and borrowing (SLB) segments. However, trading will resume on Wednesday when major parts of the country will play colours.
The country’s largest non-agricultural commodity bourse, the Multi Commodity Exchange of India (MCX), will remain shut in the morning session between 9 am and 5 pm on Tuesday, but will reopen for the evening session from 5 pm to 11:55 pm. On the other hand, The National Commodity and Derivatives Exchange (NCDEX) will remain closed for the entire day.
Holiday Date Sparks Debate
With Holika Dahan observed in many regions on March 2 and Holi festivities scheduled for March 4 in several states, some market participants questioned why the trading holiday falls on Tuesday this year.
“What is the use of holidays made for festivals, if its given on the Wrong Date. Last year it was Diwali and now Holi tomorrow. These are the 2 major festivals then how can this be ignored?,” asked X user Sharad Jhunjhunwala.
He further said: “As a trader, I would boycott trading on March 4, and I call from everyone around to do the same, Lets see how Institutions get the Fill,” he said.
In a previous post, the same user noted that Tuesday being lunar eclipse, the Holi celebrations are scheduled on March 4, even as Holika Dahan is being celebrated on Monday late night.
The Reserve Bank of India’s holiday matrix reflects regional variations. The Reserve Bank of India listed Holika Dahan on March 2, while March 3 is marked for Holi (Second Day), Dol Jatra, Dhulandi, Holika Dahan or Attukal Pongala in different states. March 4 is separately recognised as Holi 2nd day, Dhuleti or Yaosang second day in certain regions.
Samir Arora of Helios Capital said markets should also remain shut on Wednesday, arguing that Holi will be widely celebrated that day. He added that a two-day closure would allow clearer visibility on developments in the Iran conflict and help avoid unnecessary volatility.
Iran War Triggers Market Plunge
The holiday follows a volatile start to the week. Benchmark indices tumbled on Monday (March 2) amid a global risk-off sentiment linked to escalating tensions in the Middle East.
The Nifty 50 closed 312 points, or 1.24%, lower at 24,865, while the BSE Sensex fell 1,048 points to settle at 80,238. Both indices had declined over 2% intraday.
Broader markets were also under pressure, with the Nifty Midcap 150 and Nifty Smallcap 250 dropping 1.7% and 1.9%, respectively. Larsen & Toubro and Reliance Industries weighed on the Nifty, while InterGlobe Aviation and L&T were among the top percentage losers. Twelve of the 15 sectoral indices on the NSE ended in the red, led by auto and energy stocks, even as defence, metal and pharma counters bucked the trend.
Article source: ndtv.com
