Stock Market Holiday 2024: Will BSE and NSE Trading be Affected on September 17?

Stock Market Holiday 2024: As the streets of Mumbai and other cities in Maharashtra prepare for the colorful and festive Ganesh Visarjan on Tuesday, September 17, many are left wondering if the stock exchanges, BSE (Bombay Stock Exchange) and NSE (National Stock Exchange), will remain operational on this significant day. With thousands of devotees hitting the streets for the farewell of Lord Ganesha, coupled with the closure of banks and schools, many are curious if the stock market will also be on holiday. Here’s what you need to know.

Stock Market Holiday on September 17?

Despite the festive spirit and the state government declaring September 17 as a public holiday for Indrajatra/Id-e-Milad and Ganesh Visarjan, both BSE and NSE will continue to function as usual. The exchanges have not revised their holiday list for September 2024, which means that the trading for equity, equity derivatives, currency, SLB (Securities Lending and Borrowing), and commodities will remain open.

This decision might surprise some, given the holiday on September 17, but stock markets are governed by a pre-decided holiday calendar. As per the calendar, September 17, 2024, is not marked as a non-trading day for BSE and NSE, even though public institutions like banks and schools will be closed.

Stock Market Recap: September 16, 2024

On Monday, September 16, the Sensex and Nifty hit new lifetime highs during the trading session. The Sensex touched 83,184.34 while the Nifty soared to 25,445.70, before closing slightly lower. The Sensex ended the day at 82,988.78 with a gain of 97.84 points (+0.12%), while the Nifty closed at 25,383.75, up by 27.25 points (+0.11%).

Key highlights:

• Sensex: 82,988.78 (+97.84 points)
• Nifty: 25,383.75 (+27.25 points)

Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, remarked, “The Nifty started the week on a positive note, reaching a new high of 25,445 before closing with minor gains. The overall market sentiment remains positive, supported by FII buying and expectations of a rate cut by the US Federal Reserve.”

What to Expect on September 17, 2024?

While festivities might dominate the streets, the stock market is expected to continue its upward momentum. Vikram Kasat, Head of Advisory at PL Capital, suggested that investors maintain a cautious yet optimistic approach as the US Federal Reserve’s meeting looms, which could influence global market trends.

Technical analysts predict that the Nifty50 will continue to consolidate around the 25,400-zone, with a potential target of 25,800. The support level for the day is expected at 25,250, while resistance is anticipated around 25,500.

Similarly, the Bank Nifty is poised to scale further, having moved past the 52,000 mark. The index is expected to target 53,500 levels, with crucial support at 51,000.

Major Sectoral Trends and Key IPOs

This week, several new IPOs are generating significant investor interest:

1. Bajaj Housing Finance: Bumper listing with 114% gain, followed by another 10%, making it one of the most successful IPOs of the week.
2. Kross and Tolins Tyres: Both saw premium listings post positive investor reception.
3. PN Gadgil Jewellery: Scheduled to debut on September 17, this mid-sized player is attracting attention from both retail and institutional investors.

Additionally, SEBI’s recent announcement regarding the T+2 settlement for bonus shares is expected to boost capital market activity, reducing the credit time for bonus shares from 15 days to 2 days.

Federal Reserve Meeting: What’s Next?

Ajit Mishra, SVP of Research at Religare Broking, emphasized that the ongoing consolidation phase in the index is healthy. “Participants are encouraged to stick with a ‘buy on dips’ strategy, especially in banking, financials, realty, metal, and IT sectors,” he added.

Looking ahead, global attention is on central banks this week. Following the European Central Bank’s recent 25 basis point rate cut, the US Federal Reserve is expected to announce a similar cut on Wednesday, which could positively influence emerging markets, including India.