Stock Market Holiday: NSE, BSE to Remain Closed on Thursday for Bakrid

Stock Market Holiday Eid al-Adha 2023: Indian stock and commodity markets will remain shut on Thursday, June 29 on account of Eid al-Adha (the feast of sacrifice), better known as Bakrid. Earlier, the holiday was scheduled for June 28 (Wednesday).

Wholesale commodity markets, including metal and bullion, will also remain closed. There will be no trading activity in the forex and commodity futures markets either.

The expiry of all existing contracts of Nifty and Nifty Bank contracts will take place on Wednesday, instead of Thursday, while Nifty Midcap derivative contracts will expire on Wednesday, as usual. Contracts for new series will begin from Friday.

On the reason for the change in stock market holiday, NSE notice said, “As per the attached notification of Maharashtra general administration department dated June 26, 2023, regarding a change in holiday on account of Bakri ID on June 29, 2023, and in partial modification in exchange circular dated December 8, 2022, members may kindly note the change in trading holiday in June 2023 from June 28, 20223 to June 29, 2023.”

While declaring trade holidays at the beginning of 2023, a total of 15 trade holidays were declared out of which Bakri Id was one of them. This was the only stock market holiday falling in the month of June 2023.

After Bakri Id, the next stock market holiday will fall on 15th August 2023 for Independence Day celebration across the nation.

Domestic equity markets inched higher in Tuesday’s intra-day trade amid mixed global cues. Benchmark indices the S&P BSE Sensex soared over 200 points to trade around 63,193 levels, while Nifty50 rose over 50 points to trade above 18,750 levels.

Meanwhile, the exchanges have notified that the derivatives expiry for June contracts will take place on Wednesday, instead of Thursday, due to change in market holiday.

Broader markets outperformed benchmark indices as Nifty Midcap 100, and Nifty Smallcap 100 indices gained up to 0.7 per cent. Volatility index, India VIX, too, cooled off (down 1 per cent).

All sectors swimmed in the sea of green, with Nifty PSU Bank, and Nifty Realty indices rising up to 1 per cent.