Market News: Indian Indices And Banks To Remain Shut On Account Of Muharram

The Indian indices are gearing up for a mid-week hiatus, as the Indian indices will remain closed on Wednesday, July 17 on account of Muharram. Muharram is a religious event that is observed by the Shia sect of individuals who believe in or follow Islam.

This would mark the first market-off after a month, when the markets had an extended holiday on June 17 due to Bakri Id.

In addition, banks in most states, including Andhra Pradesh, Mizoram, Rajasthan, Tamil Nadu, Gujarat, Karnataka, Telangana, Andaman & Nicobar, Bihar, Chhattisgarh, Delhi, Tripura, Uttar Pradesh, Jammu and Kashmir, Jharkhand, Lakshadweep, Madhya Pradesh, Maharashtra and Odisha, will remain closed on July 17.

Markets on July 16

The Indian markets that are in the midst of an earning season for the first quarter of the new fiscal year started the day's trade on Tuesday, July 16, on a good note, as marquee indices started in green.

At the end of the day's proceedings, the BSE Sensex gained 51.69 points or 0.06 per cent, closing at 80,716.55. The NSE Nifty also gained 26.30 points or 0.11 per cent ending the day at 24,613.00.

In addition, Nifty Bank missed the mark as it closed at 52,396.80, with a decline of 59.10 points or 0.11 per cent.

Gainers and Losers

At the BSE end, HUL, Bharti Airtel and Tech Mahindra led the pack of gainers. Kotak Bank, Reliance and NTPC made it to the list of losers at the end of the day.

Many private banking stocks slumped, contributing to the decline of the Nifty Bank index at large.