For now, both BSE and NSE are closed on March 7 on account of Holi. However, a leading stock brokers’ association Anmi (Association of National Exchanges Members of India) has requested the government, Sebi and exchanges to change the holiday to March 8.
In its letter to the finance ministry, Sebi, stock exchanges and depositories, Anmi said the festival is on March 8 as opposed to the exchange trading holiday declared on March 7.
As per a notification issued by the Central Government on June 22 last year, March 8, 2023, has been declared as a public holiday applicable for central administrative offices located in Delhi/ New Delhi.
Besides, Commodity Participants Association of India (CPAI) has made a similar request to the exchanges. It has asked exchanges to either shift the trading holiday from March 7 to March 8 or declare both as trading holidays.
Equity markets were directionless for the past few days due to lack of any positive triggers and amid investor expectations that central banks would keep raising rates for longer than expected. The relentless FII selling has also added to the overall negative sentiments.
However, the trend reversed on Friday, as Sensex surged over 900 points following comments by Fed officials that the Fed would go for smaller-than-expected rate hikes
Following comments from Atlanta Federal Reserve President Raphael Bostic, traders have pinned hopes on a 25-basis point rate hike by the US Federal Reserve. The rally was also on the back of the rise of Wall Street last night and a subsequent rise in other Asian stock markets this morning. The Dow Jones ended 1% higher last night while Japan’s Nikkei index jumped on Friday to its highest in nearly three months. Hong Kong’s Hang Seng index was also trading 1% higher.
