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Published 07:23 IST, May 1st 2024

Why NSE and BSE are not open for trading on May 1? All you need to know

Why NSE and BSE are not open for trading on May 1? All you need to know

Reported by: Business Desk
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Indian stock market growth | Image: BSE, NSE
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Markets holiday May 1: India's currency, debt and equity markets will be closed on Wednesday, May 1, for a holiday. Trading will resume on Thursday, May 2. The markets are shut on account of Maharashtra Day, a significant occasion commemorating the establishment of the state of Maharashtra on this day in 1960. 

Looking ahead, the next holiday for the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) will be on May 20th. This holiday is scheduled due to the Lok Sabha Elections taking place on that day. Specifically, all six Lok Sabha seats in Mumbai will be part of the fifth phase of the seven-phase voting process, necessitating the closure of the markets on this occasion.

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In Tuesday's trading session, India's key equity indices, the NSE Nifty 50 and the S&P BSE Sensex, experienced a mild downturn, with a 0.2 per cent and 0.3 per cent decline, respectively. This slip was largely attributed to a dip in IT stocks, which are sensitive to interest rate movements. Investor sentiment was notably cautious ahead of the much-anticipated Federal Reserve policy announcement scheduled for Wednesday.

Despite Tuesday's pullback, April marked the third consecutive month of gains for both indices, highlighting a resilient trend in the Indian equity markets.

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In the currency realm, the Indian rupee closed marginally stronger against the U.S. dollar, showing a slight improvement from the previous session. However, the performance remained relatively steady on a month-on-month basis.

Meanwhile, in the debt market arena, the benchmark 10-year bond yield saw a slight retreat, closing lower at 7.1855 per cent compared to the previous session. This comes after a modest uptick in April, following declines witnessed over the preceding five months. Investors are keeping a close eye on these movements amid evolving global economic dynamics and central bank policies.

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With Reuters Inputs

07:23 IST, May 1st 2024