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On Wednesday, July 17, the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will remain closed due to Muharram, marking the tenth market holiday for 2024. During this time, there will be no trading in equities, derivatives, currencies, or commodities.
While financial markets take a pause, several companies including Asian Paints Ltd, LTIMindtree Ltd, Hathway Cable & Datacom Ltd, and Elecon Engineering Company Ltd are scheduled to announce their June quarter results. This coincides with Muharram, which signifies the start of the Islamic New Year and is a period of mourning and contemplation. The tenth day of Muharram commemorates Imam Hussain's martyrdom, grandson of Prophet Muhammad, at the Battle of Karbala. Observances include fasting, prayer, and public processions.
Reflecting on the financial market's recent performance, benchmark indices Sensex and Nifty remained rangebound in Tuesday's trading session. Vinay Paharia, CIO at PGIM India Mutual Fund, expressed cautious optimism about the domestic equity market over the medium to long term. He highlighted that current market valuations warrant careful consideration, particularly favoring large caps over mid and small cap segments due to perceived risks in near-term return potential.
Looking ahead, attention is focused on upcoming Budget announcements slated for July 23, 2024. JM Financial noted that market sentiment will closely monitor any potential changes to capital gains tax on equities, with no anticipated changes being perceived positively by investors.
In addition to the stock market closure, banks across various 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 also observe a holiday on Wednesday.
