Mumbai: Indian stock markets will remain closed on Monday, September 14, for Ganesh Chaturthi, giving investors a break after a volatile week marked by rising crude oil prices and global rate concerns.
Both the National Stock Exchange (NSE) and BSE have declared a full trading holiday. Trading in equities and equity derivatives will remain suspended for the day.
Commodity Trading Partly Open
The commodity market will follow a different schedule. The Multi Commodity Exchange (MCX) will remain closed during the morning session from 9 am to 5 pm.
Commodity trading will resume at 5 pm, with the evening session continuing until 11:30 pm or 11:55 pm, depending on the commodity.
A settlement holiday, meanwhile, means clearing and settlement of eligible transactions remain suspended, although it does not necessarily mean trading is halted.
Markets End Week Lower
Indian equity benchmarks ended the previous week sharply lower as a surge in crude oil prices, rising global bond yields and concerns over US inflation weighed on sentiment.
The Nifty fell 2.09% during the week. On the final trading session, the index declined 0.34% to settle at 23,398.
The Sensex closed 120 points, or 0.16%, lower at 74,781. The 30-share benchmark lost 2.27% over the week.
Global Cues Weigh
Investors remained cautious amid a firmer US inflation backdrop and rising Treasury yields. The US 10-year Treasury yield approached the 5% level, strengthening expectations that interest rates could remain elevated for longer.
Selling was broad-based across sectors. Nifty Realty was the biggest weekly loser, falling 6.54%, while the Nifty IT index declined about 5.78%.
Domestic equities also witnessed sharp volatility following the introduction of the closing auction session, with the impact particularly visible around derivatives expiry sessions.
Trading on the NSE and BSE will resume after the Ganesh Chaturthi holiday, with investors likely to track crude oil prices, global bond yields and overseas market cues.
