Nifty and Sensex will remain closed on Tuesday, March 7 for Holi. There will be no action on the bourses on the occasion of Holi as it is a national holiday. As per the BSE, the Equity Segment, Equity Derivative Segment and SLB Segment as well as the Currency Derivatives Segment and Interest Rate Derivatives segments will remain shut on March 7.
India’s first listed exchange, Multi Commodity Exchange of India Limited (MCX) will also remain closed for trading in the morning session on March 7. It will resume trading in the evening session from 5 pm to 11:30/11:55 pm.
As for the Commodity Derivative Segment, the morning session will be closed, whereas the evening session will be open.
Traders were confused regarding the holiday as the festival of colours will be celebrated on Wednesday, March 8 in Delhi and other parts of the country. For central government employees, March 8 has been declared as a public holiday applicable for central administrative offices located in Delhi/ New Delhi. Banks are also closed on the same day.
With market holiday falling on March 7 and some parts of India celebrating it on the next day, there were doubts about whether the markets would see a volume dip. However, experts ruled out such a scenario.
“Holi being in the middle of the week, a significant impact is less likely. The market is likely to acknowledge the fact that the recovery push is unfolding, after a sustained period of lull and gloom, and the key event risks that await in the latter part of the month,” said Anand James, Chief Market Strategist at Geojit Financial Services.
James said that a mid-week break will hasten time decay and would affect the flow for options traders, for the March 9, 2023 expiry.
Apart from Holi, there’s one more holiday in the month of March, ie, Ram Navami which is falling on Thursday, March 30, excluding weekends. In total, the domestic stock market will stay closed for 10 days including Saturdays and Sundays in March 2023.
Holi is celebrated across the nation as it is considered the victory of good over evil. The festival is also known as Holika Dahan. According to the scriptures, Prahalad refused to accept the orders of his father Hiranyakashyapu and kept praying for Lord Vishnu, Hiranyakashyapu with help of her sister Hollika planned of killing Prahalad. Holika took Prahalad in her lap and sat in a bonfire as she had immunity to fire. Even after that, she burned alive while Prahlad was unaffected. Hence, ‘Holika Dahan’ is celebrated a day before Holi.
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