Is Share Market Closed On March 7, Holi?

Stock markets are set to remain closed for trading on March 7 on account of Holi celebrations across major parts of the country.

What Happened? Holi is observed as a national holiday and all the banks and stock markets remain shut on account of the celebrations. That said, certain parts of India will celebrate the “festival of colours” on March 7, while the rest will mark it on March 8.

A host of trading bodies have written to SEBI and other government parties requesting a change of holiday to March 8, but to little avail, per an Economic Times report. These trading bodies include the leading stock brokers association – Anmi (Association of National Exchanges Members of India) and the Commodity Participants Association of India (CPAI).

The BSE and NSE have confirmed March 7 as the day markets remain closed for trading. March 8, meanwhile, will be business as usual.

BSE’s official website also confirms that the currency derivatives segment, NDS-RST, Tri-Party Repo, Commodity Derivatives Segment and Electronic Gold Receipts (EGR) segment will also remain shut on March 7.

See Also: D. Muthukrishnan Says Share Price Remaining Range-Bound For Growing Businesses Brings Great ‘Accumulation’ Opportunities

Meanwhile, domestic equity indices extended gains on Monday with the Sensex rising for a second session gaining 415 points. Nifty closed higher for the second consecutive day on Monday, though far from the intra-day high. Positive Asian cues helped. At close, Nifty was up 0.67% or 117.1 points at 17711.5. Broad market indices gained more than the Nifty even as the advance-decline ratio ended at 1.75:1.

“The short-term trend of Nifty continues to be positive. Having placed at the crucial overhead resistance of 17800 levels, there is a possibility of further consolidation or minor downward correction in the short term, before showing further upmove. Immediate support is placed at 17600 levels,” Nagaraj Shetti, technical research analyst at HDFC Securities, said in a note.