Stock Market Holiday: All trading activities across the nation will be closed today on the account of Eid-Ul-Fitr festival, including action at stock markets. On Tuesday, May 3, all trading operations including equity, currency, and derivatives markets will be closed for the entire session at the Bombay Stock Exchange, or BSE, according to its website. Similarly, trading operations at the National Stock Exchange, or NSE, will also be suspended today for the entire session amid Eid-Ul-Fitr. Markets will resume trading on Wednesday, May 4.
As per the list of stock market holidays in 2022, the Currency Derivatives Segment and Interest Rate Derivatives segment will also be closed on Friday. However, for traders in commodities, Multi Commodity Exchange (MCX) will open during the second half of the session from 5 pm to 11.30 pm. It will be closed between 9 am and 5 pm on the day. Similarly, the National Commodity & Derivatives Exchange Limited (NCDEX) will resume operations from 5 pm till 9 pm.
Meanwhile, Indian shares kicked off May on a weak note, tracking weakness in Asian peers after a sell-off in US stocks on Friday, as investors await an expected rate hike by the Federal Reserve this week.
IT and auto stocks were among the top drags on the benchmark. Meanwhile, the BSE Smallcap index bled about 1 per cent. Analysts said the excessive volatility in the market is likely to continue for some time.
Shrikant Chouhan, head of equity research (retail), Kotak Securities, said: “Early losses were mostly in reaction to the slump seen on Wall Street on Friday, but markets recovered most of their early losses as investors covered some shorts ahead of the trading holiday on Tuesday. The robust GST collections for April also calmed the nerves of investors, who are already facing the brunt of the ongoing war and volatile oil prices. Investors are also keenly awaiting the outcome of the US Fed’s monetary policy announcement scheduled later this week. The Nifty is holding above the level of 16800, but at the same time, it is failing to show a sustained momentum.”
Sensex settled at 56975.99 losing 84.88 points or 0.15 per cent, while Nifty wiped out 33.45 points or 0.20 per cent to end at 17,069.10. Entire the day, the indices traded in a tight range, but at the end of the day banking stocks showed some recovery from the intraday low.
In the broader markets, the BSE MidCap and SmallCap indices closed 0.45 per cent and 0.8 per cent down, respectively. Sectorally, the Nifty Metal and Private Bank indices were the top gainers on the NSE (gaining 0.5 per cent each), while the Nifty IT (down 1.5 per cent) was the worst hit.
S Ranganathan, Head of Research at LKP securities, said: “Markets opened gap down on the back of weak global cues ahead of the FOMC meet but managed to recoup most of the losses as factory output for April improved sequentially amidst input cost inflation. Banks led the recovery on expectations of higher credit growth this fiscal and the broader markets despite being a bit sluggish ahead of a trading holiday tomorrow witnessed accumulation in select pockets like standalone refineries and hospitality.”
The stock markets will have a total of 13 holidays in 2022, as per the data available on the BSE website.
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