Is Share Market Closed On May 1, Maharashtra Day?

People celebrate May 1 as Maharashtra Day or Maharashtra Din, which is a state holiday commemorating the formation of the state of Maharashtra. On this day in 1960, the state of Bombay officially divided into two states, Maharashtra and Gujarat.

The holiday calendar available on the NSE and BSE websites reveals that the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), the country's leading stock exchanges, will remain closed on May 1, 2023, on account state’s formation day celebrations.

The first and only market holiday of the month follows the previous market holiday which was on April 14 on account of Dr Baba Saheb Ambedkar Jayanti. The next market holiday is on June 28, to mark Bakri Id.

Markets on April 28: On the last trading day of the week, the Indian equity benchmarks BSE Sensex and NSE Nifty 50 surged after opening with minor gains earlier in the day. The May Futures & Options (F&O) series began too, with investors eagerly awaited financial results for domestic cues. Overall, indices experienced the best F&O series in six months through April.

Among notable movers, Adani Power shares surged early in the day to hit the upper circuit while shares of integrated research, development, and manufacturing firm Syngene managed to climb to a 52-week high.

That said, Axis Bank’s share price slumped for a second straight day after investors were left unimpressed with the private bank’s quarterly figures.

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The Nifty index surpassed the 18,000 mark after 44 trading sessions, hitting an intraday high of 18,089.2, while the Sensex finished Friday 463.06 points up at 61,112.44.

From a technical viewpoint, Nagaraj Shetti, Technical Research Analyst at HDFC Securities, tells Benzinga India in an email that the market is expected to reach up to the next resistance of 18200-18300 levels in the next week, and the short-term uptrend of Nifty remains intact. He also mentions that immediate support is placed at 17900 levels.

As far as sectoral indices are concerned, all major indices ended in the green. Capital goods, infra, power, PSU bank and information technology were up a percent each. BSE midcap and smallcap indices were up 1% too.

Elsewhere, a strong greenback overseas caused the Rupee to settle lower by 3 paise at ₹81.82 against the U.S. dollar after it had pared all its initial gains.

The markets will next open on May 2, Tuesday.

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